Unlocking potential in your home. How can we help with Remortgaging?

• Posted onMay 21, 2020

During the global pandemic many of us had more time on our hands to do some financial housekeeping.

Whether you have been furloughed, spending breaks between homeschooling or working from home, we have all been taking time to renegotiate utility contracts and assess our own finances.

Amanda Ward, a Conveyancer in WSP Solicitors’ Residential Property team looks into remortgaging and how we can help you through the process

If your fixed rate mortgage is due within the next few months, now could be the time to remortgage as rates have dropped to an all-time low.

What is Remortgaging?

Remortgaging is switching mortgages from your current provider to somewhere new, without moving house. There are many reasons to no longer stay with the same mortgage lender. The benefits could be:

• to get a better rate,
• to reduce your outgoings
• to release money for other projects

How do I go about Remortgaging?

Banks and building societies sometimes offer fee-free remortgage options.  Normally you can expect to pay for a valuation survey and also for the conveyancing cost.

You could alternatively have a product transfer. This is where your existing lender puts you on a new mortgage deal. This will mean you avoid falling into a higher rate with your lender, known as their standard variable rate.

It is always advisable to have an independent mortgage broker as they can not only find you the best rate from the whole of the market but also assist with the whole remortgage process.

How can WSP Solicitors help you with your Remortgage?

WSP are set up remotely to continue to provide the same level of service you are used to. We can help you remortgage now as it requires no face to face contact!

Firstly, we will request a redemption statement from your current lender. This shows how much is owed on your mortgage and any repayment fees that you will be required to cover.

We will then:

• Review the terms of your new mortgage
• Conduct conveyancing checks
• Transfer the funds from your new lender to your old lender
• Advise the Land Registry of the change of lender

Things to consider before remortgaging:

• Have your circumstances have changed? For instance, one of you has stopped working or you have become self-employed.
• Have you had credit problems since taking out your last mortgage? You may have only have recently missed a payment to a utility or mobile phone provider but this will reduce your eligibility.
• Is your early repayment charge large? It would not be advantageous to move prior to the incentive period ending.
• Do you have little equity? If you need to borrow more than 90% of the value of your property will often find it difficult to find a better rate
• Has your home’s value dropped?

For more information on how we can help you remortgage your home please visit our Residential Property pages. You can contact Amanda directly here or in the sidebar of this page. Alternatively, you can call the office on 01453 541940.

Your home may be repossessed if you do not keep up repayments on your mortgage.