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Remortgaging is a very common thing to do and can prove extremely worthwhile if you do it at the right time and in the right way. It can also help release equity when you need it most.
Property Move Solicitors highly recommends that you appoint a solicitor when dealing with a remortgage on you home.
Working with a legal professional offers complete peace of mind that everything has been done by the book and saves you potentially costly errors.
Although less complicated than the original purchase of your home, remortgaging does involve some specific legal legwork best carried out by your conveyancer.
Work includes liaising with mortgage lenders and the Land Registry to confirm that a remortgage on your home is possible and a schedule of further checks which are required before completion.
The process is simple. Fill in your details for a quick quotation and a member of out team will make contact wit you.
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Your ability to refinance a property will depend on a few factors:
Property type – if for example yours is a newly built property there may be restrictions as they’re often sold at a premium
The reason why you’re remortgaging – lenders have different Loan To Value (LTV) limits depending on whether you want to make home improvements, consolidate debts, etc.
Whether you’re purchasing a main residence or buy-to-let – main residential remortgages have a higher average maximum LTV than buy-to-let ones
You should look to remortgage to a new deal when your current introductory mortgage rate is close to ending.
A lot of the best mortgages last around two to five years on fixed rate, tracker or discount deals. When this period comes to an end, the lender will place you on its standard variable rate (SVR), which is likely to be higher than your old deal and just as likely to be higher than others available on the market.
Just as you would start looking for cheaper car insurance when your incumbent insurer bumps up the renewal, start looking for a cheaper remortgage deal at about 3 months before your current rate comes to an end.
Of course. It’s always advisable to appoint a solicitor when dealing with a remortgage so that you have complete peace of mind that everything has been done by the book and there is no room for costly errors.
Although less complicated than the original purchase of your home, remortgaging does involve some specific legal legwork best carried out by your conveyancer and we can certainly help.
There’s a whole host of reasons why you may want to seek to remortgage your home, here’s a few common reasons we come across:
• Your current mortgage deal is coming to an end
• The value of your property has gone up
• You’re worried about interest rates
• You want to borrow more money
• You want a more flexible deal
