Remortgaging is the process of switching your current mortgage to a new deal, either with your existing lender or a new one. While it may sound straightforward, remortgaging involves several legal, financial, and administrative steps that require careful attention.
For many homeowners, remortgaging can reduce monthly repayments, release equity, or provide greater financial stability. However, like any property transaction, it must be handled correctly to avoid delays or unexpected costs.
In this guide to remortgaging, we explain why people choose to remortgage, the steps involved, and whether you need a solicitor to complete the process.
If you are considering remortgaging, Eric Robinson’s specialist Remortgaging Solicitors can help ensure everything progresses smoothly. You can request an instant remortgaging quote or speak to our experienced team for tailored advice.
Why would I remortgage?
There are multiple reasons for remortgaging a property, and most property owners will need to remortgage at some point. Understanding the different reasons for remortgaging will help you choose the right approach.
Securing a better interest rate
One of the most common reasons for remortgaging is to obtain a lower interest rate. If your fixed-rate deal is ending, you may automatically move onto your lender’s standard variable rate (SVR), which is often higher.
Switching to a new mortgage deal can:
- Reduce monthly repayments
- Offer fixed-rate security
- Improve long-term affordability
To release equity
If your property has increased in value, you may have built up equity. Remortgaging can allow you to release some of that value as a lump sum. Homeowners often use equity release to:
- Fund home improvements
- Consolidate debts
- Support children financially
- Invest in other opportunities
However, increasing your borrowing must be considered carefully, as it affects overall repayment costs.
To change the mortgage type
You may wish to move from a variable to a fixed rate, switch to a tracker mortgage, or shorten or extend the mortgage term.
Remortgaging allows you to restructure your loan in line with your financial goals.
To remove and add someone to your mortgage
Life changes such as separation, divorce, marriage, or joint ownership arrangements may require a change to the names on your mortgage and property title. This often involves both lender approval and legal work.
Debt consolidation
Some homeowners remortgage to combine existing debts into one monthly payment. While this can simplify finances, it is important to consider whether spreading unsecured debt over a longer mortgage term is the right long-term solution.
The key steps to remortgaging
Remortgaging is typically quicker than buying or selling a property, but it still follows a structured legal process. Below is a step-by-step breakdown.
Step 1: Review your current mortgage
Before making any decisions, make sure you check when your current deal ends, whether early repayment charges apply, your remaining mortgage balance, and your current interest rate.
This will help you assess whether switching now makes financial sense.
Step 2: Compare mortgage deals
Speaking to a mortgage adviser can help you compare different elements of the deals. These can include different mortgage terms, fees, interest rates, and any extra incentives the lender is offering.
Once you select a lender, you will receive a formal mortgage offer (subject to approval).
Step 3: Instruct a solicitor
Once your new mortgage offer is issued, you will need a solicitor to handle the legal aspects of the remortgage.
At this stage, your solicitor will:
- Review the mortgage offer
- Verify your identity
- Conduct necessary property checks
- Liaise with your current lender
If you are switching lenders, the new lender will require a solicitor to ensure their legal charge is properly registered against the property.
Step 4: Property services (if required)
Some lenders require searches, while others accept search indemnity insurance. Your solicitor will advise on what is required.
Searches may include local authority checks, environmental searches, and water and drainage checks.
Step 5: Signing the mortgage deal
At this point, you will be asked to sign the mortgage deed and any associated legal documentation. Your remortgaging solicitor ensures everything is properly executed and legally binding.
Step 6: Completion
On completion day, your new lender transfers funds, which means your existing mortgage is repaid. Any remaining funds (if equity is released) are sent to you after this. Your solicitor then registers the new lender’s charge with the Land Registry.
How long does remortgaging take?
Refinancing can take anywhere from a few weeks to a couple of months, depending on the type of remortgage. Aspects like changing lender, changing repayment terms and requiring searches all add to the length of the process. Having an experienced remortgage solicitor on your side means that they can prevent delays.
Do I need a solicitor to remortgage?
Technically, you are not legally required to instruct a solicitor when remortgaging. However, in practice, most lenders insist that a solicitor or licensed conveyancer is involved in the process.
Even where it is not strictly mandatory, it is strongly recommended that you use a solicitor. Legal charges must be properly registered, mortgage conditions carefully reviewed, and identity and fraud checks thoroughly carried out. Mistakes at any stage can lead to serious financial consequences.
An experienced property solicitor will ensure that the lender’s requirements are fully met, your existing mortgage is correctly discharged, and the Land Registry is properly updated.
Most importantly, they will protect your interests throughout the transaction. Choosing a reputable firm such as Eric Robinson Solicitors gives you peace of mind that the legal side of your remortgage is handled efficiently, accurately and professionally.
How much does Remortgaging cost?
Costs can vary depending on:
- Legal fees
- Lender arrangement fees
- Valuation fees
- Early repayment charges
Some lenders offer “free legals”, but these are often basic services that may not suit more complex situations.
Obtaining a clear, upfront quote allows you to understand the full cost before proceeding.You can request an instant remortgaging quote through our online tool.
Conclusion
Remortgaging can be a smart financial move, whether you are securing a better rate, releasing equity, or restructuring your mortgage to suit your changing circumstances. However, it involves a series of legal and financial steps that must be handled carefully.
This guide to remortgaging has outlined the key reasons people switch mortgages, the steps involved, and why professional legal support is highly recommended.
How can Eric Robinson Solicitors help?
If you are considering remortgaging, Eric Robinson Solicitors are here to help. Our experienced Remortgaging Solicitors will guide you through the process efficiently and transparently.
Contact us today or get an instant online remortgaging quote to take the next step with confidence.
We have solicitor offices in:
- Southampton
- Hedge End
- Chandlers Ford
- Winchester
- Lymington
- Shoreham-by-Sea
- Marlborough
- Richmond Upon Thames
