For most people, a mortgage is the biggest financial commitment an individual will make in their lifetime. A mortgage can last many years and be extremely expensive, particularly if you do not secure the right deal for you. Re-mortgaging affords you the opportunity to remedy this by searching for a better deal.
In this blog post, we’ll discuss some of the benefits of re-mortgaging your property as well as how our team of conveyancing specialists can assist you with the re-mortgaging process.
What does re-mortgaging mean?
Re-mortgaging is the process of switching from your current mortgage agreement to another mortgage deal. The change can be made with your current mortgage supplier, or alternatively, a new mortgage can be supplied by a different provider.
By taking out a new mortgage, this doesn’t mean you have to purchase another property, instead, the new mortgage is secured against the property that the original mortgage was taken out on.
Why you might want to re-mortgage?
Save some money – get a better rate
One of the main reasons people opt to re-mortgage is to save themselves money. By switching deals you could potentially save yourself hundreds of pounds per month, however, this is not guaranteed and all checks and precautions should be made before you commit to re-mortgaging.
Fund home improvements
You’ve moved into your dream home, but it’s not quite the final look you were hoping to achieve for the property. You’d love to get that new kitchen fitted, maybe you want to replaster the tired looking walls, but money constraints mean that you can’t manage it.
Re-mortgaging could be the answer as it can also benefit those who are looking to decorate their property or improve it in some way. Re-mortgaging for this purpose allows the homeowner to withdraw equity in their home and by carrying out renovations, homeowners aren’t just happier in their homes in the long run, they also open up the potential to increase the value of their home.
However, re-mortgaging to fund property renovations isn’t the best solution for everyone, it will largely depend on circumstances of the homeowner, as is the case with any mortgage.
An assessment will need to be carried out in order to determine whether a re-mortgage for home improvements is viable, and the homeowner should also consider whether the costs involved are worth the additional work to the property.
You want to overpay on your mortgage
Whilst some homeowners re-mortgage their property to find a better deal and save money, some are in the fortunate position where they are able to overpay on their mortgage each month and repay the money they owe the lender in a shorter period of time than they had agreed when they took out the mortgage initially.
However, not all lenders will allow this. Re-mortgaging can allow you to renegotiate the terms of your mortgage with your current lender or choose a new lender as your mortgage provider, which in turn can ensure you are able to reduce the size of your loan by make a larger overpayment.
It is worth bearing in mind that if you do re-mortgage in order to be able to overpay on your mortgage payments, you may still be liable for early repayment charges as well as exit fees.
How can the Thorneycroft Solicitors Conveyancing team help you re-mortgage your property?
Whatever your reason may be to re-mortgage, it’s essential that you have a specialist conveyancer on hand to ensure the re-mortgaging process is handled in an efficient, professional and timely manner.
Our Conveyancing team aims to reduce the confusion surrounding the conveyancing process and will ensure that your re-mortgaging needs are met and that your new mortgage is registered correctly with the Land Registry.
We’re proud to provide our clients with an unrivalled level of customer service, and we can assure you that there will be no hidden costs. Our team will also ensure that you have a full understanding of each stage of the re-mortgaging process, ensuring you will not encounter any nasty surprises.
If you would like more information about our re-mortgaging services and how we can help, please give us a call today on 0330 058 0118 or complete our online enquiry form if you’d like our team to contact you at a time that is more suitable for you.
