Whether you are looking for the best remortgage deals or you’re looking to remortgage to release equity, obtain a lower rate of interest, it is critical to speak with an expert conveyancing solicitor that you can trust, in order to obtain the best outcome. We believe it is vital that you know the costs of re-mortgaging your property, which is why we strive to be transparent about the whole process here at Black Norman. We can take any unnecessary stress out of the transaction for you and can advise you on all aspects of your duties and obligations as a homeowner.
There are a number of reasons why you might want to consider re-mortgaging your property:
When your current mortgage deal ends, you may automatically be put onto a standard variable rate (SVR), which is usually higher. Re-mortgaging can help you obtain a lower interest rate
If you are on an SVR any rise in the Bank of England base rate will increase your mortgage payments. By re-mortgaging, you could find more competitive deals which could beat your current rate, ultimately benefiting you financially.
Re-mortgaging can release equity you have built up within your home or property which could help pay towards home improvements or consolidating debt avoiding the use of loans.
You may want to make overpayments on your monthly mortgage amount but this may not be permitted with your current lender. By re-mortgaging with a different lender with more flexible terms you could pay the mortgage off sooner without penalty.
You may qualify for better interest rates if your property has increased in value given that you would have a lower loan-to-value position and you could then afford more borrowing.
Black Norman are expert re-mortgaging solicitors in Crosby, Liverpool. We are here to help those re-mortgaging local properties, as well as clients further afield. To contact us about remortgaging or other parts of the conveyancing process, call us on 03300 167 847 or fill in our contact form below.
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Legally, this is a possibility. There’s nothing stopping you from leaving a fixed rate mortgage early, but this will likely result in charges.
Unfortunately, yes. When a lender is considering a remortgage, they will most likely take your credit score into account, which will inform their decision. The rate and your payments will then be added to your credit score as you continue to make payments.