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Remortgaging is changing the mortgage on your property by moving to a different lender or agreeing a different mortgage deal with your current lender. This can allow you to get a better interest rate and cut your monthly repayments, raise additional finance for home improvements or your retirement, consolidate debts or allow you to rent out your old home when you move.
Banks and Building Societies are regularly introducing new mortgage products to the market. Depending on the type of your current mortgage and whether you are tied to a particular interest rate you can effectively save money by remortgaging.
Whatever your reasons for remortgaging, getting the right mortgage deal with the right terms is essential to protect the investment you have made in your home and keep your monthly repayments affordable.
If you wish to change mortgage lender on your home or simply secure a mortgage against a property that is presently mortgage-free, our residential property team can help.
Once you have found a new mortgage deal that you wish to proceed with, we will be happy to assist you with the remortgaging process, ensuring you fully understand the terms of your new mortgage and that the transaction goes ahead as quickly as possible.
Our residential conveyancing team is accredited by the Law Society’s Conveyancing Quality Scheme (CQS), reflecting the high standards of our services. This means you can have confidence that we will provide an efficient, reliable service to help you remortgage your home as easily as possible.
You may look to remortgage once your current fixed rate mortgage deal comes to an end. You do not have to wait until your current mortgage deal ends to start looking for a new deal, many mortgage offers are valid for between 4 and 6 months from the date that they are issued. It is advisable to research the current rates and mortgages available to you well in advance of your fixed rate ending. This will allow you time to find the right mortgage deal for you.
You may consider to remortgage if you have had a salary increase to pay your home off more quickly once your current fixed rate mortgage comes to an end. Whatever the reason may be, you may want to research the current rates and mortgages available well in advance of your fixed rate mortgage ending.
You may also wish to reconsider remortgaging if, in today’s ever changing financial climate, you want to look to reorganise your finances. You may be looking at the consolidation of debts or to reduce your monthly financial outgoings. This may be particularly relevant if you have had a change in personal circumstances, such as a change in employment.
You may also consider a remortgage if you are looking to carry out home improvements to your property. Improvements may increase the value of your home and may therefore, prove to be an investment for you, for the future. However, we recommend that you obtain an expert surveyors’ advice before making any decision.
We may also be able to advise you on your new mortgage lender’s requirements for issuing their consent to any alterations at the property. We may also be able to advise you on any planning permission or building regulation approvals you are likely to require.
You may simply be looking to release some equity from your property if its value has risen since your purchase or last remortgage. You should, however, be aware that an increase in borrowing may affect your monthly outgoings and the amount of interest you might pay over the term of the mortgage.
You may have received a pay rise or inheritance from a relative and wish to make extra payments to your mortgage but your current mortgage deal will not let you or it will only allow a small overpayment. You may need to miss a payment due to changing jobs or going back into education which your current lender does not allow. Maybe your current lender does not offer further advances. You could remortgage on different terms that suit your requirements.
If you wish to buy a second home, whether for yourself or a family member, such as your child, remortgaging your home can be a cost-effective way of doing so as it may allow you to access cheaper borrowing. We can advise you on the various costs involved and any potential issues you need to consider, including tax implications and whose name the second property should be in.
Keeping your old home and renting it out when you move can be a good way of earning an extra income, but you will normally need to switch to a ‘buy to let’ mortgage as most standard residential mortgages require you to be living in the property. We can assist with switching your homeowner mortgage to a buy-to-let mortgage as smoothly as possible, including advice on issues such as Capital Gains Tax (CGT) implications.
In order to process your remortgage we will request details from you or your current mortgage lender. We will then request your title deeds and a redemption statement from them. The redemption statement issued will confirm the sum due to pay off your current mortgage. We will check this for you for any additional administration fees or early redemption charges. We will also report to you with a copy of the redemption statement for your information.
We will carry out any searches that your new mortgage lender may require. In some remortgage cases your new lender will require us to carry out, at least, an up to date local search. We will submit the request for any searches required by your lender promptly. Some lenders will accept what is known as ‘search indemnity insurance’.
This insurance is obtained instead of requesting searches and can often be a quicker and less expensive way to proceed. We will check your new lenders requirements and advise you accordingly on how to proceed. We will also check the registered tile and plan to your property.
We will consider and report to you upon the terms of your new mortgage offer and we will advise you of any conditions your new lender may have. Once we have reported to you, we will then arrange for you to sign the new mortgage Deed.
Prior to completion of your remortgage, we will provide you with a completion statement showing the financial details of the transaction.
Once you are happy to complete, we will repay your previous mortgage lender from the remortgage funds.
To conclude matters we will then apply to HM Land Registry to remove the old mortgage from your title and to register your new mortgage.
Remortgaging a Leasehold property is a little more complicated. However, our team is specialised in this area and we would be happy to assist you. If your property is Leasehold, in addition to the process detailed above, we will also be required to check the terms and length of your Lease.
We will also be required to check with the Freeholder (or their Managing Agent) that all ground rent and service charge is paid up to date. We will also need to receive from the Freeholder a copy of the up to date building insurance for the property. We will make any further necessary enquiries of the Freeholder before completion of your remortgage
Once you have completed your remortgage, under the terms of the Lease, it is likely that we will be required to provide Notice to the Freeholder (or their Managing Agents) of your new mortgage lender. This is standard practice and there may be a small additional administration charge payable to the Freeholder in this regard. We will of course advise you of the cost involved once this is confirmed by the Freeholder.
If you would like further advice in connection with remortgaging your property or would like to talk to us about the costs involved in a remortgaging, please do not hesitate to get in touch.