Switching to a new mortgage deal can potentially save you thousands of pounds over the lifetime of the loan. Remortgaging is on the rise in the UK as homeowners take advantage of low mortgage rates and excellent deals on offer from a wide range of lenders. In fact, remortgage approvals were up nearly 8% in 2019 compared with the year before. (1)
 

What is remortgaging?

Remortgaging is the act of taking out a new mortgage on a property you already own. The new loan can come from the same provider as the original one, or from a completely different lender.
 

Why remortgage?

There are many reasons why people may decide to remortgage. For example:

  • Their fixed-rate deal is about to end, and they want to remortgage to avoid being switched to their lender’s standard variable rate.
  • The value of their home has substantially increased, and they want to access this equity by taking out a larger loan.
  • Divorce means that one of the partners needs to remortgage the family home.
  • They are looking for a more flexible deal, for example one that gives them more flexibility to overpay without incurring charges.

 

Specialist remortgaging lawyers

Once you have made the decision to remortgage, the next step is to instruct a specialist Residential Property solicitor to liaise with your lender on your behalf. Although some lenders include legal services as part of their remortgage offer, many people prefer to employ their own solicitor. At Attwaters Jameson Hill, we not only ensure that your best interests are fully represented, but we’ll also be able to help you with any other requirements you may have, such as transferring equity or removing someone from the property title, at the same time.

Our property lawyers have years of experience in assisting clients through the remortgage process. They have particular expertise in helping high-net-worth clients who, due to the increased complexity of their finances, can in fact be viewed as a higher-risk prospect by some lenders.
 

The remortgage process

  • Once you have instructed us, we will obtain the relevant documents from your existing lender and the Land Registry. If required as a condition of your new loan, we will also carry out local authority and other searches on your behalf. It may be possible to take out an indemnity insurance policy instead of carrying out searches. While this is quicker and cheaper, the lender will need to give their approval.
  • We’ll check your new mortgage offer and ensure that all conditions have been met. We’ll also obtain a statement from your existing lender showing the amount still required to pay off your loan; if we need money from you to make up the required sum, we’ll let you know.
  • We’ll then sit down with you to take you through the various documents, obtain your signature and arrange a completion date on your behalf. On this date, we’ll request the mortgage monies from your new lender, redeem your old mortgage, and register your new mortgage with the Land Registry. Finally, we’ll confirm everything we’ve done for you in writing.

To speak to one of our property experts, call 0203 871 0140 or email 

(1)  https://www.ukfinance.org.uk/data-and-research/data/household-finance/household-lending-and-deposits

 

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