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What is remortgaging?
Remortgaging is the process of taking out a new mortgage on a property you own. This could be with either your current lender or a new mortgage provider.
There are a variety of different options for remortgaging, so it's worth talking to a conveyancer or conveyancing solicitor as well as your mortgage advisor.
How does remortgaging work?
In order to remortgage your home, you will need to get a mortgage valuation carried out on the property. Your conveyancer will undergo property searches and if you are moving to a new lender, they will organise the transfer of your debt from one to the other.
Do I need a Conveyancer or Solicitor?
A licensed conveyancer is a legal professional who’s job it is to carry out the conveyancing process for you. A conveyancing solicitor is a trained solicitor who specialises in conveyancing. Both are able to carry out your remortgage effectively.
Frequently asked questions
When should you remortgage?
Remortgaging for a better deal can restructure your monthly budget. Releasing equity with a remortgage could help you fund building work or a deposit on a new home. Remortgaging to higher repayments could also help you pay off the mortgage quicker.
How long does remortgaging take?
The process of remortgaging a property usually takes between 4 and 8 weeks, but this can depend on the current property market and what time of year you do it.
What's involved in the remortgaging process?
Remortgaging is not too different from taking out a mortgage when you first buy a property, as your conveyancer and broker will carry out many of the same processes and you will need to provide your ID and paperwork. If you switch early or too a new provider, there may just be extra steps.
How much does remortgaging cost?
There are many fees involved with remortgaging. Early repayment fees can cost 1-5% of your remaining balance and exit fees can cost £50-60. Mortgage valuations cost £300-1500. There will be extra fees if you’re moving to a new mortgage provider. You will also need to pay your conveyancer and mortgage broker if you use one.
How do I choose a great solicitor for my remortgage?
We recommend checking their experience in remortgages and asking for examples. You should check reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect.
