It’s a good idea to review your mortgage as part of your regular financial health check-ups or alongside any major life changes, such as pregnancy or a change to your relationship status. Given property can be one of our biggest expenses, it makes sense to keep an eye on interest rate offers that may better suit current needs.
Costs to Consider Before You Remortgage
As soon as you’ve found a better deal, you may be eager to jump ships straight away. But, there are a few additional costs to take into account before deciding if this is the right move for you. First consider whether, after factoring in costs—like early redemption, arrangement, valuation, broker, solicitor, Land Registry and search fees —the remortgage will really be in your best financial interest and won’t outweigh any savings.
As part of our key promise to you, we offer no hidden costs. So, when choosing Lockings Solicitors, you can always be sure of exactly what legal and related costs will be associated with your remortgage.
Will You Always Need a Solicitor to Remortgage?
The short answer is, it depends.
You won’t need a conveyancing solicitor if you’re making mortgage changes that don’t require any additional legal work, such as:
- Getting an advance on your existing loan with your existing lender
- Remortgaging with your current lender by taking advantage of a new rate or deal (this is simply known as a ‘product swap’)
You will need a conveyancing solicitor if you’re making any other changes that do require additional legal work, such as:
- Adding someone to the mortgage (known as a transfer of equity)
- Removing someone from the mortgage (which requires an application to the Land Registry/change to the property deeds)
- Taking out a property mortgage with a different lender
If you are thinking of remortgaging before your current deal expires, you will need to allow enough money for the process. Our team will step you through the entire process, keep you updated at every step of the way and will always use plain English – not legal jargon.
Choosing the Right Conveyancing Solicitor
Your mortgage lender may offer you an incentive to pick a conveyancing solicitor of their choosing, such as offering to pay their fees. But remember you always have a say and most lenders who offer incentives will offer a contribution to the costs of your chosen solicitor as an alternative. We try to work within the contribution they offer so the effect is that you may not have to pay our fees at all in most cases.
Don’t hesitate to choose Lockings Solicitors. Our local expertise and contacts within the property industry both nationally and locally in Beverley, Hull, the East Ridings of Yorkshire and York will help to make the remortgaging and conveyancing process as smooth as possible. Our trusted conveyancing experts understand the property is likely to be your largest financial asset and want to make sure all transactions are conducted safely and securely. We will review the terms of your mortgage to ensure there are no surprises further down the line and will take care of all the conveyancing paperwork.
With our free initial chat and no hidden costs policy, finding out more about your remortgaging options is straightforward. Call us on 01482 300 200 for a Free Initial Chat about our service, timescales and costs or use the Get in touch button.