For most of us, our mortgage is our biggest single monthly outgoing, so remortgaging to get a better interest rate can make a big difference to your overall cost of living. It can also allow you to raise extra money for home improvements, investing in a business or other life plans.
However, it’s important to stay safe when remortgaging and to make sure you get your new mortgage on the right terms, so you should always take independent expert legal advice first and get a reliable team of conveyancing solicitors to handle the remortgage for you.
At Graham Evans & Partners, our conveyancing solicitors have been helping people all across South Wales with remortgaging their homes for many years. We can make sure the remortgaging process goes ahead as quickly and efficiently as possible, making it simple and hassle free to get a new mortgage in place.
Wondering how much your remortgage conveyancing might cost? Why not request a remortgaging quote?
For expert remortgaging advice and guidance in Swansea, Bridgend or Neath Port Talbot, please get in touch.
Why use Graham Evans & Partners for your remortgaging conveyancing?
We are committed to offering a quality conveyancing service at a competitive price, allowing you to remortgage your home smoothly and safely. Our residential property team has achieved accreditation Conveyancing Quality Scheme (CQS) reflecting the high quality of the service we provide.
Our team are a part of the local community, so we want you to be completely satisfied with the way we handle your conveyancing. After all, it’s our reputation for delivering exceptional service and going the extra mile that has helped us grow and succeed over the years.
When you use our conveyancing solicitors for remortgaging your home, we will make sure every detail is taken care of and that you are kept up-to-date at all times about how things are progressing. If you have any questions, we will be happy to answer them by email, over the phone or in person – whatever is most convenient for you.
What happens during remortgaging?
There are various steps to the remortgaging process, including:
- Contacting a mortgage broker or comparing mortgages yourself to find the best deal.
- Contacting the mortgage lender you want to use to apply for a mortgage.
- Notifying your existing lender.
- Valuation of your home by your new mortgage lender.
- Working with a solicitor to review the new mortgage deal you have been offered and guide you through the remortgage conveyancing process.
- Transfer of funds from your new lender to your old lender, usually handled by your solicitor.
- Payment of any fees due to your new and previous lender.
- Release of the title deeds for your home by your old lender to your new lender.
- Payment of your solicitors’ fees.
If you stay with your existing lender, some of these steps will not apply, for example they will not need to transfer the title deeds and may not need to have the house valued, depending on how recently the previous valuation they used for your original mortgage was carried out.
Do I need a solicitor for remortgaging?
It is essential to take expert legal advice when remortgaging to make sure the terms of your new mortgage deal are fair and won’t cause you problems in the future.
It is worth noting that not all conveyancing professionals are solicitors, but working with a firm of solicitors can help to provide assurance that the right level of legal expertise is available for your remortgaging.
The quality of legal advice from different firms can vary significantly, so being accredited by the Conveyancing Quality Scheme (CQS) provides assurance that firms such as Graham Evans & Partners offer a high quality service you can rely on.
If you stay with your current lender, there may be no need for conveyancing checks or other legal processes to remortgage. However, it is still highly recommended to have a solicitor look over the terms of your new mortgage to make sure there are no hidden surprises that could end up costing you dearly later on.
How long does a remortgage take?
It varies, but four to eight weeks is common. Having an experienced conveyancing team to handle your remortgaging can help the process to go faster by making sure every step is completely promptly and no mistakes are made or details overlooked that could hold up the process.
When is the right time to remortgage my house?
This will depend on your circumstances. Most mortgages offer a fixed rate for the first few years, then switch to a standard variable rate, which can be significantly higher. It is usually worth looking at remortgaging once your fixed rate period ends, although it may be specified in your mortgage deal that you have to wait a certain amount of time before remortgaging.
If you are considering remortgaging, it is definitely worth comparing deals to see whether you could be making a saving. In many cases it is possible to save hundreds of pounds a month on your repayments by switching to a better deal.
Remortgaging may also be worth considering as a way of raising money for home improvements, starting a business or other plans as it can often offer more attractive interests rates than other forms of borrowing. However, it’s important to remember that when you borrow this way, you could risk losing your home if you do not keep up with the repayments.
How much does remortgaging cost?
Mortgage fees – Your new mortgage lender will usually charge a fee for arranging the new loan. This is intended to cover their administration costs and may also be referred to by names such as a ‘product fee’, ‘booking fee’ or ‘application fee’. There may also be an additional fee for securing a fixed rate, tracker rate of discounted rate mortgage deal.
Valuation fees – This is sometimes charged by your new lender for the cost of valuing your property, however, many lenders will cover this cost themselves.
Conveyancing fees – Charged by the lawyers handling the legal side of your remortgage. This covers your lawyers’ costs and third-party costs, such as paying the fees for standard conveyancing checks to be carried out.
Deed release fees – Paid to your existing lender for their admin costs of releasing your title deeds to your new lender. Does not apply if you remortgage with your existing lender.
Broker fees – If you used a mortgage broker to find your new mortgage deal, you may also need to cover their fee. However, most brokers work on commission from lenders, meaning you may not have to pay a broker fee or this may be reduced.
Early repayment charges – Payable to your existing lender if you remortgage during the period where you are ‘tied in’ to your previous mortgage deal.
Contact our remortgaging solicitors in South Wales
For help remortgaging your home or handling any other type of residential property transaction in Swansea, Bridgend or Neath Port Talbot, please get in touch.