In short, remortgaging is when you switch your current mortgage from one lender to another. This may be due to a variety of different reasons, such as looking for a better mortgage deal or wanting to stabilise your current finances.
You can remortgage whenever you want.
You can do this when you reach the end of your product (usually a 2 year or 5 year fixed rate) or you can do this mid product, in order to release funds, however financial penalties may be incurred if you choose to remortgage mid product.
Whatever the reason for your decision to remortgage, at Black Norman we will discuss all the relevant options and processes available to you. We’ll also see how you can resolve any financial issues once and for all through a successful remortgaging process.
Remortgaging your property is relatively easy, and requires only a few key steps to kickstart the process. These include:
A conveyancing solicitor will be able to help you with all aspects of the legalities required to complete a remortgage. You will be required by your mortgage company to obtain the help of a conveyancing solicitor before they will release any funds to you. Our conveyancing solicitors will explain the terms of any mortgage offer to you and ensure you borrow money from a reputable source.
At Black Norman we are ex[erts in helping you with your remortgaging. Our specialist residential conveyancing solicitors can sort everything out for you and streamline your mortgage application process.
It’s a good idea to have your initial property paperwork on hand to remind you of the current mortgage deal you have. This can then be used for your new mortgage application when you’re looking to borrow more money or want to let your new lender know about your previous deal. Make sure you are in a stable financial position to obtain a mortgage before applying.
As with your first mortgage, you need to complete a mortgage application to prove your financial situation and that you’re in a good position to acquire a loan. It’s a good idea to get a credit check before this too, just to double check your credit score before applying. Your lender can then assess your application and approve your loan.
This isn’t always necessary, but bridging loans can help you cover the cost of your mortgage while you wait for parts of the process to be finalised, or for funds to become available. Talk to your lender about the possibility of acquiring a bridging loan, which can cover you short term while you sort through your funds. We can recommend loan providers for bridging funding, as we work with many lenders.
Yes you will need a solicitor to remortgage if you are switching lenders. It’s always a good idea to get legal advice and assistance before any major financial commitment such as a remortgage is made, as they can advise on the legal aspects of the loan and your requirements as a borrower. They can check through any issues that may arise and sort these with your lender. Solicitors can also help obtain information on finances and decide the best course of action. Black Norman Solicitors are well versed in remortgaging properties.
You can remortgage whenever you want.
You can do this when you reach the end of your product (usually a 2 year or 5 year fixed rate) or you can do this mid product, in order to release funds, however financial penalties may be incurred if you choose to remortgage mid product.
Whatever the reason for your decision to remortgage, at Black Norman we will discuss all the relevant options and processes available to you. We’ll also see how you can resolve any financial issues once and for all through a successful remortgaging process.
Most remortgages are usually carried out when you’re financially stable and in a good position to look for new deals, i.e. when your current mortgage is ending. It’s a good idea to be fast with this in order to secure the best deals and always a great idea to keep an eye on the current market.
Another reason why it’s a good idea to remortgage at the right time is down to interest rates. As, if current interest rates are currently climbing, the longer you wait to remortgage, the higher the interest rate may become. A solicitor is there to advise you on whether now is a good time to remortgage.
At Black Norman Solicitors, our team is on hand to assist you with all sorts of legal matters, including residential and commercial conveyancing. Our remortgaging solicitors can help you to better understand your loan and funds, and how to obtain a great deal on your mortgage loan. We work with many lenders, Bridging and Remortgaging and can advise on the best possible option for your position.
We are based in Crosby, Liverpool. Come and visit us in our office, or contact us online if you have any further questions or legal matters you need resolving.
