What is remortgaging?

Remortgaging is the act of switching from your current mortgage to another, paying off your current loan with the new one. You might do it to reduce your mortgage term. Remortgaging could also be a great way to cut costs. Switching mortgage should be straightforward, but as is the case with property matters, it comes with its own pitfalls. At Talbots Law, our remortgage solicitors believe that a little help goes a long way. With our assistance and advice, your new mortgage will be sorted in no time.

Why should I choose Talbots’ remortgage solicitors?

With a comprehensive understanding of the market and many years experience, you can rely on the remortgage solicitors at Talbots Law to handle the transaction with ease. We’ll advise you on mortgage deals and handle all the necessary paperwork involved in transferring your mortgage.  You can also rely on us to submit searches when necessary, and we do this quickly and efficiently to ensure the process doesn’t drag out longer than it has to. Our aim is to keep your remortgage fuss-free, and keep the switch simple. You’ll be kept in the loop at all times, with your personal advisor answering any questions, and providing updates on the progress of your mortgage.  

How do I remortgage? 

When you’ve found that perfect deal, we recommend you speak to your current lender. They might try to match the offer. Once you’ve found an offer you’re happy with, you’ll need to make an application and get it approved. Then, we’ll begin the process of remortgaging. This is how we’ll do it:

1. Once your offer has been approved, we’ll ask you for a copy of the offer along with a redemption statement from your current lender. We’ll also ask you to provide title deeds or any relevant legal documents relating to your property.
2. We’ll then get to work, ensuring you have the legal title to your home, reviewing your lenders requirements and making any necessary property searches. This is usually only necessary if you have a new lender.
3. Once we’re satisfied with the search results, everything’s in check and you’re happy with the terms and conditions laid out in the mortgage offer, we’ll agree on a completion date with you. We’ll also request a final redemption statement from your existing lender.
4. Upon request, your mortgage lender will release the funds on the date of completion. That will allow you to redeem your existing mortgage, and the remortgage will be complete. The final step is to register the new mortgage with the Land Registry, which we will do upon completion.

Unsure of the process or just want to discuss your options? Give the remortgage solicitors at Talbots Law a call on 0800 118 1500.