Remortgaging Solicitors
Remortgaging can lower your monthly payment
Take advantage of improved interest rates or reduced mortgage fees.
Remortgaging FAQs
What does remortgaging mean?
Remortgaging means moving your mortgage to a new lender while staying in the same property.
Is remortgaging a good idea?
Remortgaging can be an effective way to save money on your monthly mortgage payments. Most people re-mortgage to secure a lower monthly rate of repayment, which usually derives from securing a more competitive interest rate.
Are there other reasons why people remortgage?
Aside from seeking to reduce the rate of monthly repayments home owners may choose to remortgage in order to raise capital by withdrawing equity from the property, or remortgaging may be used as a means of consolidating other more expensive short term debts.
Can there be hidden costs when remortgaging?
Although your chosen lender will take you through the details relating to your new mortgage it can sometimes be difficult to make a clear comparison with the terms of your existing mortgage terms. In some instances, the monthly saving that you stand to make can be outweighed by the fees that you will be required to pay to your new lender to secure the product. It therefore important that you consider all of the costs.
What is an arrangement fee?
An arrangement fee is the charge that your new lender will make to secure their product. You may also be charged a further fee by any mortgage broker that you use on account of the cost of their service.
What is an early repayment charge?
When you take out a mortgage you are usually required to retain it for a minimum period (i.e. 2,3 or 5 years). This minimum fixed term period usually runs for the same period as the headline interest rate. If you want to re-mortgage and move to a new lender before the expiry of your minimum fixed term period, your existing lender may charge you a penalty fee. The penalty fee may be a fixed amount, or a percentage of the overall outstanding balance of your loan. Once your minimum fixed term period has ended you will be free to move to a new lender without incurring an early repayment charge.
Do I need to get my house valued when I remortgage?
This will depend entirely upon the requirements of your new lender however it is normally safe to assume that a valuation will be required.
How many times can I re-mortgage?
There is no limit on the number of times that you can re-mortgage however you will need to bear in mind that every time you move to a new product you may be required to arrangement fees, and if you re-mortgage during the minimum fixed term period on your existing product you may incur an early repayment charge.
Can I re-mortgage with my existing lender?
Yes. When you re-mortgage with your existing lender the process is normally a little more straightforward as you will only be required to agree to the terms of the new product. This should mean that there is no need for you to have a valuation carried out but this is not always the case. Each lender is different and will impose their own requirements.
When do I need to instruct a lawyer?
Normally it is only necessary to instruct a lawyer to act on your behalf when you choose to re-mortgage with a new lender.
Can’t see what you’re looking for?
Send us your questions via the contact form and we will be happy to assist.
See what our customers say…
@Sajith
@Sajith: He greatly supported me and completed the process at the mentioned time. I can say that Eric Robinson is very professional, responsible, and accurate. I can suggest that if everyone wants to go with no hassle and delays. Thanks Sajith.
our solicitor was very helpful to us
our solicitor was very helpful to us. And he did an amazing good.i would completely recommend
Very professional service provided
Very professional service provided. Supported and coordinated in every stage of our home purchase. Everything kept very transparent and timely updates. Thanks for all the services. Very special thanks to Mr. Sajith Pillai for coordinating till end.
Eric Robinson Sale & Purchase
Used Sarah Hogarty at Eric Robinson Chandlers Ford for our recent sale and purchase. Sarah was very helpful and prompt in replying to enquiries. We were actually able to go into the office and go through paperwork, rather than using the Internet, which we found really useful. Sarah was friendly and very efficient. Everything went smoothly and we recently moved into our new home. Many thanks Sarah, would 100% recommend
Very impressed
A very responsive and timely service provided by Terry Campbell-Barnard at Eric Robinson in the preparation of new wills for my wife and I. We would thoroughly recommend to anyone else looking for a similar service.
I can’t thank Syliva enough at Eric…
I can’t thank Syliva enough at Eric Robinson for the work she put in for the property I was buying. She was quick and responsive in all areas with the process. I can’t recommend her enough.
@Sajith
@Sajith: He greatly supported me and completed the process at the mentioned time. I can say that Eric Robinson is very professional, responsible, and accurate. I can suggest that if everyone wants to go with no hassle and delays. Thanks Sajith.
our solicitor was very helpful to us
our solicitor was very helpful to us. And he did an amazing good.i would completely recommend
Very professional service provided
Very professional service provided. Supported and coordinated in every stage of our home purchase. Everything kept very transparent and timely updates. Thanks for all the services. Very special thanks to Mr. Sajith Pillai for coordinating till end.
Eric Robinson Sale & Purchase
Used Sarah Hogarty at Eric Robinson Chandlers Ford for our recent sale and purchase. Sarah was very helpful and prompt in replying to enquiries. We were actually able to go into the office and go through paperwork, rather than using the Internet, which we found really useful. Sarah was friendly and very efficient. Everything went smoothly and we recently moved into our new home. Many thanks Sarah, would 100% recommend
Very impressed
A very responsive and timely service provided by Terry Campbell-Barnard at Eric Robinson in the preparation of new wills for my wife and I. We would thoroughly recommend to anyone else looking for a similar service.
I can’t thank Syliva enough at Eric…
I can’t thank Syliva enough at Eric Robinson for the work she put in for the property I was buying. She was quick and responsive in all areas with the process. I can’t recommend her enough.
Key contacts
Hannah Jones
Conveyancing Executive
Kelly Cottrell
Associate
Chui Wah Choudhary
Senior Solicitor
Sajith Pillai
Senior Solicitor
Ben Smith
Senior Associate Solicitor
Afshana Ullah
Solicitor
Michelle Parker
Associate Executive
Michala Ward
Conveyancing Executive
Emma Gillespie
Solicitor
Chelsea Marsh
Trainee Solicitor
Miya Smith
Solicitor
Sarah Hogarty
Solicitor
Latest residential property insights
No Fault Eviction – What You Need to Know
What is a Transfer of Equity?
No-fault Evictions Abolished in England in Overhaul of Private Rental Market
Make an enquiry
Why choose Eric Robinson Solictors?
- Get an instant online quote tailored to your needs
- Specialist property lawyers with experience in buying and selling
- Law Society’s Conveyancing Quality Scheme (CQS) accreditation
- Latest paperless technology making conveyancing easy
Get in touch
Related residential property services
Conveyancing
Get an instant online quote for buying or selling your property.
New Build Conveyancing
Our expert team of specialist lawyers offer a bespoke service to clients purchasing new homes to achieve the stringent demands of developers.
Transfer of Equity
Let our transfer of equity conveyancing Solicitors help offer expert legal advice and service throughout the transaction.
Shared Ownership
Buying a shared ownership house can be an excellent way to get your foot on the property ladder.
Equity Release Solicitors
Let us guide you through the process, and to provide information that ensures that your chosen equity release plan works for you.
Lease Extensions
Providing expert legal support for clients looking for lease extension Solicitors.