Remortgaging A Property
Home improvement, increased property value, more flexible terms – there are numerous reasons why you may want to remortgage your property. Slater and Gordon can assist you with expert legal advice for all questions and tasks around remortgaging a property.
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Remortgaging is the process of taking out a new mortgage on a property you own. There are many reasons to consider doing it, including:
- Better interest rate to make your mortgage cheaper so you can save money.
- Mortgage rate is coming to an end.
- Value of your property has risen, which could put you into a lower loan-to-value category and mean you're eligible for lower rates.
- Option to overpay on your mortgage - helping you to clear your mortgage debt more quickly, e.g. after inheriting money.
- More flexible terms, such as the option to take a payment holiday.
- Fixed rate deal that'll give you added peace of mind over the next few years.
- Ability to borrow more money against your property - for example, to make home improvements or to clear other debts.
What is the process of remortgaging?
We advise you to take the following steps:
How can we help?
We are experts when it comes to leasehold property, which are even more complicated. We will:
- Check that the length of the lease complies with the requirements of your new mortgage lender,
- Ask your managing agent or landlord to confirm that all service charges and ground rents are up to date and to provide a copy of the building insurance.
Costs of remortgaging a property
At Slater and Gordon, we want to avoid hidden fees and unexpected costs. That's why we will provide you with a fixed quote before starting our services. That way, you know exactly what you'll be paying and what services you'll receive. Our fees only change if your instructions do.
S+G were very professional and calm throughout the process, especially in the final week leading to exchange and completion, coming up with sensible solutions to prevent my buyer's solicitor from delaying the process any further. I cannot recommend them enough. Mr B (residential conveyancing case)
I am very pleased with the service I have received. I had a complicated chain between different towns both buying and selling. Excellent communication skills and keen to go extra mile to provide you with the best of her ability. The completion happened within timescale promised. Anonymous (residential conveyancing case
We've just moved into our new home. The Manchester branch couldn't have been more helpful, patient or kind. Really quick to get back to us and thoroughly explained everything to make sure we could understand it. I would highly recommend Mrs D, Manchester (residential conveyancing case)