Remortgaging With Tinsdills Solicitors
With the economic climate constantly changing, homeowners are understandably keen to ensure they achieve the best deal possible on their mortgage repayments by Remortgaging their property.
By changing lenders it can sometimes be possible to secure a new, more competitive interest rate and therefore ensure you have more money in your pocket each month.
Some lenders will insist that a solicitor is consulted as part of the Remortgage as this often leads the requirement for a transfer of the property and amendment to the deeds (legal register).
Taking a new mortgage deal on a property you already own is known as Remortgaging. You may decide Remortgaging is the best course of action if you need to borrow money against the value of your home or replace your existing mortgage.
It’s important to be cautious when considering a Remortgage, as it can often be the largest financial decision you will make following the initial purchase of property – that’s why you need expert guidance along the way. If your fixed-rate, tracker or discount mortgage is coming to an end, you might want to consider a Remortgage to help combat standard variable rates offered by your current lender, often with higher interest rates.
Additionally, if you are in the position to increase your payments towards your mortgage, Remortgaging allows you to select a different lender with a smaller loan amount. Remember, switching lenders doesn’t always ensure the best rate. Pay close attention to exit fees versus the amount saved with the lower rate mortgage.
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The Most Popular Questions For The Remortgage Process
Whilst this can change on a case-by-case basis, generally the process takes between 4-6 weeks.
A remortgage is the process whereby you pay off your existing mortgage and enter into a new mortgage. The new mortgage funds are generally sufficient to discharge any amounts outstanding on the existing mortgage. If not there will be a shortfall for you to pay.
The solicitor will ensure that the old mortgage is taken off the title to the property and the new mortgage is entered onto the title. The new lender may require searches to be carried out and enquiries raised in a similar way to a purchase transaction.