When you come to the end of a fixed rate deal on your mortgage, it is not always in your best interests to stay with the same lender. In many cases it can be wise to search the rest of the market, as you may be able to find a mortgage with a lower interest rate, or that has better features or lower upfront costs.
Remortgaging can also allow you to borrow more, which can help to fund home improvements, a new car or other goals. Switching to a new mortgage can also be necessary if you divorce or separate, or your circumstances change for any other reason.
If you are nearing the end of your fixed rate mortgage deal or are considering remortgaging for any other reason, why not have a chat with our conveyancing solicitors here at Pickering & Butters? We can use our wealth of experience to guide you through the process, making it as simple and stress-free as possible to switch to a new mortgage.
Whatever your reason for remortgaging, the friendly specialists at Pickering & Butters are ready to help.
Do I need a solicitor to remortgage?
This depends on the type of remortgage. If you are staying with the same lender, you will generally be able to remortgage without a solicitor, although it may still be advisable to have a solicitor look over the terms of your new mortgage.
If you are switching to a new lender, you will need a solicitor to assist with the process. This includes carrying out ID checks, getting a redemption statement from your current lender, handling transfer of funds between your new and old lender and updating the title deeds at the Land Registry.
Can I remortgage my house to buy another?
Depending on the circumstances, you may be able to remortgage your home to buy another property. This will depend on various factors, including whether you have sufficient equity available in your property to cover the cost of the new property you wish to buy.
Your current home can sometimes be used as partial security against a second property, allowing you to borrow more than you might otherwise be able to. However, this means both of your properties could potentially be at risk if your fail to cover the mortgage on the new property, so the exact terms of the mortgage agreement and the risks involved must be carefully considered.
Can I remortgage to a buy to let mortgage?
If you wish to rent out your current home and buy a new property to live in, you will normally need to change to a buy to let mortgage. Buy to let mortgages tend to have different terms to homeowner mortgages, for example, the amount you can charge in rent will normally need to exceed the monthly mortgage payments. The property’s projected rental value will therefore normally affect the total amount you can borrow.
Can I transfer my mortgage to another property?
Most mortgages can be transferred to another property if you move, although there may be fees to transfer and you will still need to go through the standard conveyancing process on the new house, including property checks and searches.
How long do I have to wait to remortgage?
This will depend on the terms of your mortgage. You may be able to remortgage at any time or you may need to wait a set number of years. The terms of your mortgage may also include additional fees if you wish to exit the mortgage within a certain time period.
Can I remortgage to release equity?
Equity release is a common reason for remortgaging and can be used for various purposes, including retirement funding and paying care fees.
Can I remortgage to clear debt?
A loan secured against your property is often the cheapest form of borrowing, so remortgaging or taking out a second-charge mortgage on your home to clear other debts can often be cost-effective.
The amount you can borrow will depend on various factors, including what percentage of your property’s total value you wish to borrow, so this is something you should discuss with your lender.
Why choose Pickering & Butters for your remortgage?
Pickering & Butters is accredited by the Law Society’s Conveyancing Quality Scheme, providing assurance that our residential property services meet the highest legal standards.
We aim to make the process of remortgaging simple and stress-free, using a combination of modern technology and traditional legal expertise to keep things smooth and straightforward. This way we can help you get your remortgage sorted out faster and with less hassle, letting you get on with your life while having complete confidence that all of the legal details are being properly handled.
Our team understand how frustrating it can be if you feel you don’t know what is going on with your transaction, or have to repeatedly chase people for an update or answer to a question. To make sure this doesn’t happen when you use our remortgaging service, we will ensure you have a dedicated contact in the team who will be available by phone or email whenever you need to speak to us.
Contact our remortgaging solicitors in Rugeley and Stafford
For advice about remortgaging your property for any reason, please get in touch with our friendly, reliable remortgaging team today.