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Remortgaging A Property

As well as acting in the sale and purchase of homes, we also regularly act in relation to remortgaging properties.

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Our conveyancing team is qualified to deal with all manner of conveyancing transactions. If you have a more unusual transaction, we will be more than happy to discuss this with you. 

This is the process of changing the mortgage on your property to a new lender or a different deal. You may choose to remortgage for several different reasons including: 

  • Your fixed deal is up for renewal.
  • You’re looking to change to a mortgage repayment plan with a better interest rate.
  • You want to borrow more money to make home improvements. For example, to build an extension.
  • Your financial circumstances have changed. For example, you need to reduce mortgage payments due to a divorce.

The remortgaging process:

  • Research your mortgage deal – find an agreement that’s right for you based on the duration, interest percentage and affordability. 
  • Check any additional costs – as well as finding the mortgage costs, you should consider additional remortgaging fees such as valuation costs, early repayment charges, etc. 
  • Get a decision in principle – apply for the mortgage for a soft credit check to see if you’ll likely be accepted for the mortgage.
  • Apply for the remortgage – submit an official application for a hard credit check – you’ll have to send over the requested documents. 
  • Instruct a solicitor to complete the legal side – your solicitor will manage your paperwork for your new mortgage.
  • Review and accept your offer – if you’re happy with the mortgage once you’ve had a final check, you should accept it.
  • Complete the mortgage – agree a date for your mortgage to be completed.

 

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Patricia Hall

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Stephanie Garrett

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Contact us today to speak with our solicitors and legal executives who are highly experienced in handling personal injury claims, clinical negligence cases, residential conveyancing, credit hire and housing disrepair claims.

Request a call back conveyancing calculator