Remortgaging Solicitors

Remortgage Solicitors

At Eric Robinson Solicitors, we help homeowners remortgage their property to fit their financial needs and obligations. 

What is remortgaging?

Remortgaging is when you move your existing mortgage to a new lender and stay in the same property. Your new mortgage will then replace the old one. 

Many people choose to remortgage their home once they are on the property ladder because it can be a way of lowering their monthly mortgage payment by taking advantage of improved interest rates or reduced mortgage fees. Remortgages can provide a good reason for seeking out a new lender, allowing you to find the best mortgage deal that works for both your current and future circumstances.

What are the benefits of remortgaging?

The main reasons for considering a remortgage are: 

• You are coming to the end of a fixed rate and your existing lender’s deals or products are not suitable, or you want a better deal than they can provide. 
• You wish to borrow more money against your property or release equity. 
• You are looking for a different type of mortgage. 

There are also various benefits to remortgaging. Depending on interest rates you may be able to reduce your monthly payments, or have more stability moving forward with fixed monthly payments. You may be able to reduce your mortgage term if you can commit to higher payments or overpayments, or release equity to consolidate debts. You may also be able to borrow more money with a different lender. 

We would always recommend that you seek financial advice when considering a remortgage, to ensure long term affordability.

The remortgage Process 

The remortgage process differs from case to case based on a variety of factors such as the mortgage offer, how existing mortgage repayments are made, as well as the booking fee and any admin charges or early repayment charges. A remortgage conveyancing Solicitor can advise on what the best option is for you and guide you through the process that is suitable to your personal circumstances.

Our years of experience mean we can offer the highest quality of customer service and our expertise means that we are able to advise and support our clients through any situation they find themselves in. Your advisor will always be by your side acting on your behalf until the new mortgage is completed ensuring that everything is in order.

Our remortgage Solicitors will use the latest paperless technology to provide a bespoke quote for the cost of the remortgage conveyancing fee, to immediately advance your matter from the receipt of your instructions, and to keep you fully informed throughout the entire duration of the services.

Instant remortgaging quoting tool

Our instant quoting tool is available throughout our website and any quote can be tailored to your specific property needs using the options contained across the apps menu. The quote will contain notice of all fees payable.

Your quote will be issued to your nominated email address for your review. When you are ready to accept your quote, confirmation that you wish to proceed can be issued via a link provided in the email. Alternatively, you can call your nominated solicitor at any of our offices and advise that you are ready to begin.

How much are legal fees for remortgaging? 

No matter your reason for remortgaging, it is important to remember that if you switch lenders, any savings you may make on the interest rate could be wholly or partially eaten up by the bank’s transaction charge incurred for setting up the new loan.

There are other considerations to take account of too. Existing mortgage lenders sometimes demand redemption fees, and may charge you a penalty. You may also need to pay an arrangement fee. The new lender will want to value the property, just as your old lender once did, so you may be required to pay for a surveyor too. Other charges you might encounter in the remortgage transaction include broker fees, valuation fees, and an early repayment charge. There will also be the cost of search fees and a Land Registry fee to register your new lender’s charge.

How Eric Robinson Solicitors can help 

At Eric Robinson Solicitors, our lawyers are expert advisors in conveyancing and the remortgaging process. They will work closely with your current mortgage lender, and your new one, to make sure that the legal work runs smoothly.

Our costs and advice will be charged on a fixed fee basis and we are authorised and regulated by the Solicitors Regulation Authority, guaranteeing a professional service that you can rely on.

We aim to help you in understanding the process, which is very important when you are weighing up details of various remortgage deals. 

To speak to us and find out more, get in touch with one of our local branches at the following locations: Southampton, Hedge End, Chandlers Ford, Winchester, Lymington, or Richmond Upon Thames.

Our instant quotes