Remortgage Solicitors

So that you have a better understanding how remortgaging works, we have created a simple to follow step-by-step guide:

1. Ask your lender for a closing balance on your current mortgage. This will be the remaining mortgage loan owed and any fees due (this will be the amount you need to borrow when remortgaging).
2. Find a mortgage broker/adviser (this isn’t a requirement but can help you to find a cheaper deal). The broker will search the market (including deals not on the open market) to find the most appropriate remortgage deal for your circumstances.
3. Decide the type of remortgage (repayment or interest-only).
4. Instruct your solicitor. This step is where we will do the remortgaging administration, such as drawing up and signing the remortgage deed and transferring the title of the property.
5. Organise the appropriate documents (three-month financial statements, utility bills, credit card statements, past three-year details of your addresses, legal ID, outgoings, proof of extra income, e.g. bonuses or commission and your P60).
6. MIP – your lender will provide you with a mortgage in principle. The MIP will state the amount they are prepared to lend you (this isn’t an official confirmation).
7. Your remortgaging lender will require a valuation which states the value of the home.
8. Apply for the remortgage with your chosen lender.
9. Receive the remortgage offer – this document is valid for 12 months and will state the amount you can borrow.
10. When you have accepted your remortgage offer, our remortgaging solicitors will request the loan from your new lender and use it to pay off your old mortgage lender.
11. Our solicitors will register your new mortgage with the Land Registry and transfer the title deeds to your new lender.

If you would like to directly speak to one of our remortgaging solicitors about the step-to-step process, please fill in our online enquiry form, and we will get back to you promptly.

Upon receiving a mortgage offer, the usual process time for a remortgage is six weeks, so it is important to leave enough time from the date of your current mortgage ending. However, this can vary and isn’t an exact time frame.

Before deciding to remortgage your property, it is sensible to be aware of the potential fees that you need to pay.

Remortgaging won’t necessarily come at a low cost as the price you pay will depend on several factors, including:

Early repayment charge

If you are ending your current mortgage earlier than agreed, your mortgage lender will likely charge you a percentage of the outstanding mortgage, which can be up to 5%. It usually depends on the number of years you have remaining with the particular lender, e.g. If you have two years remaining, you’ll likely be charged 2%.

Deeds release fee

A deeds release fee is charged by your current lender to forward the property’s title deeds to your solicitor. Not all lenders will charge this fee.

Mortgage arrangement fee

When lenders set up your new mortgage, they will charge an arrangement fee, and it is generally the most expensive part of the remortgaging process.

Booking fee

Your new lender could charge you what’s known as a ‘booking fee’, usually charged when they are able to secure you a fixed-rate, tracker or a discounted remortgaging deal.

Valuation fee

Your lender will need to know the value of your property before deciding how much they are willing to lend you and what terms to offer. Most lenders will usually cover the cost of the valuation fee.

Broker fee

If you choose to find your remortgage through a broker, you might be charged a fee, although some brokers are fee-free.

Remortgage conveyancing fee

You will need a conveyancing solicitor when remortgaging your home.

At Stephen Rimmer, we have specialist conveyancing solicitors who can assist you with the required legal work needed.

For most people, the obvious time to remortgage is when your mortgage incentive period is coming to an end with your current lender. Doing this will help you to avoid unnecessary charges such as an early repayment fee.

The ideal time is three or four months before it ends, as you will be able to find better rates than leaving it till the last minute.