Your guide to remortgaging

July 9, 2018

A remortgage is the transfer of your mortgage from one lender to another, or from a pre-existing deal to a new deal, provided by your current mortgage provider.

Remortgaging is not for everyone. For example, some people are happy with their current lender and don’t mind paying the extra costs or simply don’t have the time to look elsewhere.

However, you may want to remortgage if:

• You want to move house and borrow more money, or you want to save money by paying less to borrow, or wish to release equity from your home.

• Your current deal with your lender may be ending, in which case you will need to change lender, or you may just wish to get a better deal somewhere else.

• Your current lender holds the deeds to your house and you want to change lender. In this situation you will need a conveyancer to carry out the legal work for you to transfer the ownership. This process could take up to 2 months or longer depending on complications.

To get the best deal we strongly recommended researching your options as early as possible. Lenders will often give you an expiry date as to when their deal will end however, bear in mind that lenders can withdraw the offer at any point.

Remember your credit score will influence lenders decisions as to whether or not to offer you a mortgage. Therefore, it is advisable not to buy any expensive items on credit cards until after you have remortgaged.

It’s very important to make sure that there aren’t any hidden costs or early redemption charges that may cost more than your savings.

Your conveyancer will let you know when your remortgage has been successfully completed and you should also get a confirmation from your new lender.  Any surplus amount will then be sent to you and after completion the Land Registry will be informed of the details of your new mortgage.

The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.