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Remortgaging a property

Remortgaging solicitors

Home improvement, increased property value, more flexible terms – there are numerous reasons why you may want to remortgage your property. Slater and Gordon can assist you with expert legal advice for all questions and tasks around remortgaging a property.

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Our remortgaging services

  • Our fees start from £349
  • We promise a No remortgage, No fee policy
  • No hidden extras
  • Start today and pay later with no upfront payments required

Contact us online today, call us on 0161 830 9632 or try our online conveyancing calculator.

No obligation, instant online remortgage quote

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Remortgaging explained

Remortgaging is the process of taking out a new mortgage on a property you own. There are many reasons to consider doing it, including:

  • Better interest rate to make your mortgage cheaper so you can save money.
  • Mortgage rate is coming to an end.
  • Value of your property has risen, which could put you into a lower loan-to-value category and mean you're eligible for lower rates.
  • Option to overpay on your mortgage - helping you to clear your mortgage debt more quickly, e.g. after inheriting money.
  • More flexible terms, such as the option to take a payment holiday.
  • Fixed rate deal that'll give you added peace of mind over the next few years.
  • Ability to borrow more money against your property - for example, to make home improvements or to clear other debts.

What is the process of remortgaging?

We advise you to take the following steps:

To get the best deal, start looking at your options around 14 weeks before you want to remortgage your property.

  • Work with a conveyancing specialist to simplify your process.
  • Find a new mortgage deal: Carefully factor in any fees you might be charged by your current and your new lender such as early repayment charges which can be very expensive.
  • Contact a remortgage solicitor to help you with the following steps:
  • Request the title information for your property.
  • Request a redemption statement for your existing mortgage.
  • Scrutinise the formal remortgage offer from the new lender.
  • Set a completion date for the remortgage.
  • Register your new mortgage with the land registry.

How can we help?

We are able to assist you and guide you through the above legal steps. We are happy to provide informal and additional guidance throughout the process.

We are experts when it comes to leasehold property, which are even more complicated. We will:

  • Check that the length of the lease complies with the requirements of your new mortgage lender,
  • Ask your managing agent or landlord to confirm that all service charges and ground rents are up to date and to provide a copy of the building insurance.

Our solicitors can help you to understand your situation and explain your options. Call us now on freephone 0161 830 9632.

Costs of remortgaging a property

At Slater and Gordon, we want to avoid hidden fees and unexpected costs. That's why we will provide you with a fixed quote before starting our services. That way, you know exactly what you'll be paying and what services you'll receive. Our fees only change if your instructions do.

Besides the legal fees, you will have to pay the land registry fee and, if applicable a search fee, if searches are required by your new lender.

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