Everything you need to know about remortgaging
To remortgage means to take out a new mortgage on a property you already own to release equity.
Why would I need to remortgage?
There are several reasons why one may consider remortgaging. Generally, they are all finance-related.
Better interest rate
Increased property value
The chance to overpay to clear your mortgage loan quicker
Impending end of current mortgage rate
More flexible terms
A new fixed rate agreement
Ability to borrow more money for your property
Remortgaging process
In order to find the best deal, start looking at different options three to four months before you’re planning on remortgaging.
Work with a conveyancer to make the process easier to manage.
Find a new deal. Don’t forget to check what fees you will be charged by both your current and future lenders.
Your solicitor will request the title deeds for your property.
You’ll request a redemption statement for your existing mortgage. Your solicitor will then examine the formal remortgage offer to be certain of all the terms.
A competition date will be set for the remortgage
What fees are included?
You’ll need to pay the set legal fees agreed with your solicitor, as well as the land registry fee and any search fees (if searches are required by the new lender).
The remortgaging process generally takes between four to eight weeks, and you typically can’t remortgage within six months of taking out your current mortgage.