How to Remortgage Your House: Legal Considerations

How to remortgage a property

Remortgaging is like renegotiating the terms of your mortgage. If you remortgage your house, it essentially means you get a new agreement that replaces your old one. But how does remortgaging actually work? We’ve broken the process down into five key stages:

  1. Arrange to speak with a mortgage advisor
    An independent mortgage advisor will be able to help you work out whether remortgaging will save you money in the long run. They’ll also be able to assist you in finding the best mortgage deal if you do decide to go ahead.
  2. Take a look at your finances
    Mortgage providers will need to know that you can afford the repayments on any loan they offer you. This is why it’s so important to do your calculations beforehand to give yourself the best chance of approval. A mortgage advisor can help you with this.
  3. Speak to your current lender about your plans
    When you’ve found a new mortgage deal you’d like to apply for, let your current lender know. They may decide to try and match the offer you’ve seen elsewhere in an attempt to keep your business.
  4. Apply for your new mortgage
    When you’ve decided to go ahead with your new mortgage deal, it will be time to make your application. You’ll need to complete and submit an application form along with any other necessary documents – such as identification and proof of income.
  5. Instruct a conveyancer or solicitor
    This will only apply if you remortgage with a new provider, rather than the one you’re currently with. A conveyancer or solicitor will handle all the legal paperwork involved, ensuring there are no issues along the way.

Remortgaging won’t be the right option for everyone, and it’s important that you consider your own circumstances before going down this route. In this guide, we’ve set out the main points you should think about before remortgaging.

Should I remortgage my home?

Most people think about remortgaging if their current deal is coming to an end. You might have seen a better offer, or maybe there’s a more flexible deal that allows you to pay off your loan through larger instalments.

It’s important to identify what your reason is for remortgaging, as this will help you to work out whether it’s the best course of action for you. For example, if you’re remortgaging to release equity and pay off other debts, it may be better to try debt settlement first.

It’s also worth bearing in mind that your current lender could charge you if you switch to another provider before your deal has expired. But depending on how much you could save with a new mortgage deal, it may still be worth making the move.

What are the legal fees involved with remortgaging?

If you’re remortgaging with a new provider, you’ll need a conveyancer or solicitor to transfer your property’s title deeds to your new lender. This will usually cost around £350.

Some mortgage providers offer a free legal package where they will cover the cost of a solicitor or conveyancer’s fees. But this will usually mean that you don’t have a say in which firm handles your remortgage, and you may not receive the best service.

If you decide to appoint your own solicitor, you’ll likely be required to provide payment upfront. This will allow your solicitor to get started on requesting your title deeds, checking the terms of your new offer, and carrying out the necessary searches.

We can help you find a legal expert if you’re not sure where to start. Our solicitors are experienced in property law, and can help you navigate the process of remortgaging. To find out more, just give us a call on the number at the top of the screen or start your enquiry online.

Note: First4Lawyers offers this information as guidance, not advice. Before taking any action, you should seek professional assistance tailored to your personal circumstances.

Get in touch today to discuss your requirements 08005677866

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