Remortgage Solicitors

You may think that since you’re not buying a new home, you don’t need a solicitor to remortgage. However, this all depends on how you’re remortgaging. If you’re sticking with the same lender, it’s true that you don’t need a solicitor.

But, if you’re remortgaging with a new lender, additional legal work is required because the lender’s interest in your property is changing. So, you will need a solicitor to assist you.

Your remortgage solicitor will work on behalf of you and your new lender, carrying out checks and ensuring your new mortgage is registered at the Land Registry.

Most people are on a fixed-term mortgage, so they have to remortgage once this term comes to an end, either with the same lender or a different one. However, there are benefits that may come from the remortgaging process, for example:

• Remortgaging often offers a lower interest rate than a lender’s standard variable rate, which is the rate you will typically default to at the end of your fixed term if you don’t remortgage.
• You may be able to take advantage of a better interest rate if your property’s loan to value (LTV) rate has increased, which happens if the property’s value has increased since you took out your initial mortgage.
• Remortgaging can give you access to some of the equity held in your home which you can use for another purpose, such as home improvements. However, bear in mind that this will lower your loan to value rate, so your interest rate and monthly payments may increase.
• If you are looking to overpay your mortgage but your current lender won’t allow it, remortgaging can open up your options to lenders who do allow overpayment.

Yes, you can do what is typically called a ‘product transfer’ – remortgaging with the same lender at the end of your fixed term. However, bear in mind that you may be able to get better interest rates or more favourable conditions with a different lender, so it’s a good idea to shop around before you commit to your remortgage.

Each remortgage is different, but it’s typical to for the remortgage conveyancing to take between four and eight weeks to complete. Before this takes place, you will need to check your eligibility for remortgage, find a suitable product for you, and apply to the lender. You should aim to start this process around six months before you need to remortgage to make sure that you have plenty of time.

Yes, you can remortgage your home on a help to buy scheme. Please contact our remortgaging solicitors today for more advice.