Remortgaging Solicitors

What is Remortgaging?

Remortgaging is when you switch your existing mortgage to a new lender while staying in the same property. It doesn’t always mean borrowing more money, but that can be an option.

Why Do People Remortgage?

Here are some common reasons why homeowners remortgage:

1. To Get a Better Interest Rate

When your fixed-term deal ends, your lender usually moves you to their standard variable rate, which is often more expensive. Remortgaging lets you shop around for a better deal, especially if your home’s value has increased. A stronger loan-to-value ratio can unlock better rates.

2. To Change Mortgage Terms

Some people remortgage to:

• Borrow more money.
• Extend or shorten the loan term.
• Switch to a mortgage that allows larger overpayments.
• Move from interest-only to a repayment mortgage (it’s much harder to switch the other way).

3. To Release Equity

You can use the equity in your home to fund big expenses like renovations or paying off other debts.

How Does the Remortgaging Process Work?

If your fixed term is ending, here’s how the remortgaging process typically works:

1. Start Looking for Deals
   About three to six months before your deal ends, compare new mortgage options online or consult a broker. It’s also worth asking your current lender if they can match a competitive offer.
   
2. Get an Agreement in Principle
   Most lenders provide an agreement in principle, which gives you an idea of how much you can borrow without doing a full credit check.
   
3. Budget for Fees
   Be prepared for costs like:
   • Arrangement fees: Lenders charge this for setting up the mortgage.
   • Valuation fees: To confirm your property’s value.
   • Exit fees: Sometimes charged by your current lender if you’re leaving your existing mortgage early.
4. Apply for Your New Mortgage
   Submit your application with documents that prove your income, identity, and any financial commitments.
   
5. Hire a Conveyancing Solicitor
   A conveyancer will handle the legal work, including communication with your lenders, credit and identity checks, property valuation, and the secure transfer of funds.
   
6. Completion
   The process usually takes 2-4 months, but an experienced solicitor can make it quicker and smoother.

Why Choose Fitzhugh Gates Solicitors?

At Fitzhugh Gates Solicitors, we take the stress out of remortgaging by managing all the legal work for you. Our experienced team will:

• Handle communication with lenders.
• Ensure property checks and valuations are completed smoothly.
• Make sure every step is accurate and efficient.

We pride ourselves on delivering clear, straightforward advice so you can feel confident throughout the process. Contact us today to find out how we can help with your remortgage.