Remortgage Advice

Re-mortgaging takes place when you decide to change your current mortgage on your home, unlike a first time mortgage where no initial mortgage is in-place. This occurs by choosing to switch to a new mortgage provider to obtain a better deal. It is important to firstly understand what your current provider can offer; we will check and compare all options before recommending a re-mortgage.

Re-mortgaging is when you switch from one mortgage provider to another. The process does not involve moving home or acquiring an additional property but can involve some legal changes. Re-mortgaging can help release equity, perhaps to pay off some debts or to cover the costs of improving your home.

The majority of re-mortgages take up to six to eight weeks but this period can fluctuate. The fastest way to secure a new product is generally by staying with your current provider, often referred to as a ‘Rate Switch’ or ‘Product Transfer’.

However, this often doesn’t result in the best deal, so it is important to seek advice before you do anything. Re-mortgaging to a new bank or building society can appear more complicated but it really is easy.

More importantly, though this often is the best way to save money on your monthly mortgage repayments.

Yes. If you are re-mortgaging and moving to a new lender, you will need a solicitor to carry out conveyancing work to oversee the legal side of this change. Most new lenders will cover any solicitor’s fees or provide cashback towards this.

If, however, you are simply moving to a different deal with your current lender, this is known as a ‘rate switch’ or ‘product transfer’ and no solicitor is then needed.

Yes. However, there will often be charges for doing so. When entering your current agreement with your lender you may have also agreed to a set time period.

Early Repayment Charges (ERC) are often incurred for coming out sooner than the agreed set period so it is important to check this first.

There can be a variety of potential costs associated with re-mortgaging. However, many lenders now offer a ‘fees-free’ solution to encourage you to move to them. To obtain the most competitive rate there is likely to be an arrangement fee to pay and this will also apply if you are seeking the best deal from your current lender.

You will need a solicitor to help you re-mortgage but the majority of lenders now help in this area, either by offering the support of their own legal team free of charge or by simply providing cashback so you can use your own solicitor.

Remember, if you are looking to leave a mortgage deal before the agreed period has come to an end there may also be an Early Repayment Charge (ERC) to consider.

In most cases, lenders will only allow you to re-mortgage after you have owned the property for at least six months. Please remember to seek professional mortgage advice if you need to investigate your re-mortgaging options any sooner than this.