Property owners remortgage their homes for various reasons, such as purchasing property for a buy to let investment, buying a second home, releasing equity, or replacing their mortgage rate for one offering a better interest rate.
It is important when considering remortgaging your home to understand the terms involved and take all of the right steps. Our well-established remortgage solicitors are highly experienced in this field and can skilfully guide you through the whole remortgaging process, keeping things moving quickly and mitigating any legal risks.
Our remortgage solicitors will be able to assess all the details of your current mortgage, such as remaining payments or fees, as well as helping with details and documents required by your new mortgage lender.
If you own your own home and are interested in the remortgaging process, our dedicated and knowledgeable remortgaging solicitors have years of combined experience to efficiently guide you through the process and provide the assistance you need.
How we can help with remortgaging a property
Our solicitors are experts in all aspects of remortgaging, and you can be assured that we will always have your best interest.
In your remortgaging consultation, we will listen to your requests and explain the process, as well as advising you of any potential risks. We can then plan to assist you through every stage of remortgaging, keeping things as easy and stress-free as we can for you.
If you decide after the consultation that you do not want to pursue remortgaging with our team, there is no obligation to continue.
Consult our remortgaging solicitors in Eastbourne and Hasting
For assistance and advice in respect of remortgaging, please contact a member of the team for a no obligation discussion:
- Call: 01323 644222
- Email: firstname.lastname@example.org
- Or pay us a visit at 28 – 30 Hyde Gardens Eastbourne East Sussex BN21 4PX
For more information, see Conveyancing Services.
Our remortgaging services
We can assist with every step of the remortgaging process, including:
- Requesting a redemption statement
- Remortgage conveyancing checks
- Reviewing the terms of your new mortgage
- Preparing the remortgage completion statement
- Paying off your old mortgage
- Updating the property title
Our remortgaging fees
We believe that legal advice and services should be accessible for everyone; that is why at Stephen Rimmer, we aim to keep our fees reasonably priced for all whilst always ensuring our solicitors provide top quality service and advice.
At our initial consultation, we will try to advise how much the service cost will be so that you are kept in the loop regarding finances from early on.
Our remortgaging fees are usually priced at a fixed fee rate, but if the service we need to offer you is more complex and requires a longer time period, we will generally charge an hourly rate. The rate charged will depend on the level of expertise required.
Click here to find out more information regarding the way we charge for our work.
What is the process for remortgaging a property?
So that you have a better understanding how remortgaging works, we have created a simple to follow step-by-step guide:
- Ask your lender for a closing balance on your current mortgage. This will be the remaining mortgage loan owed and any fees due (this will be the amount you need to borrow when remortgaging).
- Find a mortgage broker/adviser (this isn’t a requirement but can help you to find a cheaper deal). The broker will search the market (including deals not on the open market) to find the most appropriate remortgage deal for your circumstances.
- Decide the type of remortgage (repayment or interest-only).
- Instruct your solicitor. This step is where we will do the remortgaging administration, such as drawing up and signing the remortgage deed and transferring the title of the property.
- Organise the appropriate documents (three-month financial statements, utility bills, credit card statements, past three-year details of your addresses, legal ID, outgoings, proof of extra income, e.g. bonuses or commission and your P60).
- MIP – your lender will provide you with a mortgage in principle. The MIP will state the amount they are prepared to lend you (this isn’t an official confirmation).
- Your remortgaging lender will require a valuation which states the value of the home.
- Apply for the remortgage with your chosen lender.
- Receive the remortgage offer – this document is valid for 12 months and will state the amount you can borrow.
- When you have accepted your remortgage offer, our remortgaging solicitors will request the loan from your new lender and use it to pay off your old mortgage lender.
- Our solicitors will register your new mortgage with the Land Registry and transfer the title deeds to your new lender.
If you would like to directly speak to one of our remortgaging solicitors about the step-to-step process, please fill in our online enquiry form, and we will get back to you promptly.
How long does remortgaging take?
Upon receiving a mortgage offer, the usual process time for a remortgage is six weeks, so it is important to leave enough time from the date of your current mortgage ending. However, this can vary and isn’t an exact time frame.
How much does remortgaging cost?
Before deciding to remortgage your property, it is sensible to be aware of the potential fees that you need to pay.
Remortgaging won’t necessarily come at a low cost as the price you pay will depend on several factors, including:
Early repayment charge
If you are ending your current mortgage earlier than agreed, your mortgage lender will likely charge you a percentage of the outstanding mortgage, which can be up to 5%. It usually depends on the number of years you have remaining with the particular lender, e.g. If you have two years remaining, you’ll likely be charged 2%.
Deeds release fee
A deeds release fee is charged by your current lender to forward the property’s title deeds to your solicitor. Not all lenders will charge this fee.
Mortgage arrangement fee
When lenders set up your new mortgage, they will charge an arrangement fee, and it is generally the most expensive part of the remortgaging process.
Your new lender could charge you what’s known as a ‘booking fee’, usually charged when they are able to secure you a fixed-rate, tracker or a discounted remortgaging deal.
You lender will need to know the value of your property before deciding how much they are willing to lend you and what terms to offer. Most lenders will usually cover the cost of the valuation fee.
If you choose to find your remortgage through a broker, you might be charged a fee, although some brokers are fee-free.
Remortgage conveyancing fee
You will need a conveyancing solicitor when remortgaging your home.
At Stephen Rimmer, we have specialist conveyancing solicitors who can assist you with the required legal work needed.
When is the right time to remortgage?
For most people, the obvious time to remortgage is when your mortgage incentive period is coming to an end with your current lender. Doing this will help you to avoid unnecessary charges such as an early repayment fee.
The ideal time is three or four months before it ends, as you will be able to find better rates than leaving it till the last minute.
Speak to our remortgaging solicitors in Eastbourne and Hastings
Based in offices in Eastbourne and Hastings, our remortgaging solicitors work with clients all across East Sussex, including in Bexhill-on-Sea, Hailsham, Polegate, Battle, Pevensey and St Leonards-on-Sea.
For advice and guidance in respect of remortgaging, please contact our expert team now: