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This article was published on September 23rd, 2022
With energy prices surging and the cost of living increasing, people are being forced to make cuts and search for ways to reduce expenses, and something that many people are considering is remortgaging their properties and switching to a cheaper deal.
In this challenging time, Thorneycroft Solicitors can assist anyone wishing to remortgage their property, however, we also want to make sure that it is the best choice for you. This blog post will explain what remortgaging is, what the benefits are, as well as the key aspects of remortgaging that you must consider before remortgaging your property.
Remortgaging essentially is the act of taking out a new mortgage that pays off what you owe on your existing mortgage, using your property to secure the transaction. 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.
Remortgaging can be completed either with your existing lender, or you may remortgage using another lender.
This is a question we frequently come across when speaking with customers about property transactions, and there are several benefits to remortgaging. One of these—and arguably the most significant—is that you might be able to save yourself a significant amount of money.
If your current mortgage deal’s promotional period is about to end or you’re worried about your interest rates increasing, then remortgaging could be more cost-efficient and give you peace of mind that you are saving money.
Bare in mind that you are not obliged to look for a deal with your current lender, you can opt to switch to another lender, and so we encourage our clients to look around for the best deal. Likewise, if you want to remortgage to save money, we also advise that you look at all the options available.
Some deals may be suitable for those looking to lower their monthly repayments, whilst others may be more suitable for those looking to save themselves money in the long-term by paying more monthly over a shorter period.
Remortgaging could free up funds. You may need money for something else, for example, you may wish to consolidate your debts by using the money you acquire through remortgaging to pay outstanding debts, however, your current lender will not agree to a providing you with more money or they are offering unfavourable rates on the new deal.
Whatever your reasons may be for your need to borrow more money, remortgaging may be the solution that enables you to secure the funds you need, however, you must consult with a property law expert, like the members of our conveyancing team, before you decide to remortgage so that you secure the best deal possible.
Remortgaging will allow you to pay off a larger amount and potentially lower your rate as a result, however in some instances, you may need to pay an early repayment fee, so it is important to speak to a conveyancing professional to ensure you are making the best decision for your financial position.
Remortgaging can be a complex process, however, utilising a conveyancing professional that is an expert in this field, such as the conveyancing team at Thorneycroft Solicitors, will ensure that any hurdles you may face will be overcome efficiently, allowing the remortgaging process to be completed as quickly and smoothly as possible.
Our Conveyancing team aims to reduce the confusion surrounding the conveyancing process and will ensure that your remortgaging needs are met and that your new mortgage is registered correctly with the Land Registry. Our team will also ensure that you have a full understanding of each stage of the remortgaging process, ensuring you will not encounter any nasty surprises.
If you would like more information about our remortgaging 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.