Residential Remortgage Solicitors

Are you thinking about remortgaging your home? If so, you’ll need a trusted legal partner to ensure you understand your options and choose the best fit for you. At Mounteney, our highly experienced Remortgage Solicitors have comprehensive experience guiding people through the remortgage process. They can advise you on your options and which are most beneficial for your specific situation.

Our professional and approachable legal team can assist you in assessing the costs associated with remortgaging, walking you through the often-complex process in a straightforward manner, always using clear and concise language we know you will understand. Your best interests are our primary concern, and we aim to make the process as stress-free as possible.

Contact us at one of our offices in Bramhall, Cheadle or Heald Green today to speak to one of our Remortgage Solicitors. We look forward to assisting you.

What is remortgaging?

Remortgaging involves moving your existing mortgage on your property from one lender to another, replacing your old mortgage with a new one. Most people do this to save money on their mortgage repayments. You can reduce your household’s often most expensive outlay each month by opting for a mortgage deal with lower rates than you currently pay.

There are many remortgaging deals on the market. These have different degrees of value, but fees are often attached to leaving your current deal. If you’re considering remortgaging your home, you should seek legal assistance on the remortgaging process before moving forward.

The lenders from whom we can act are listed here.

Should I remortgage?

There are several benefits to remortgaging your property. These will depend on your individual circumstances and what you want to achieve. These include:

  • If you want to pay off your mortgage early, some lenders allow you to make overpayments, meaning you can pay off your debt earlier than your original term.
  • If you are paying a high interest rate, switching to a fixed or tracker interest rate on your mortgage can decrease your monthly payments, enabling you to pay off your mortgage sooner.
  • If your property has risen in value, remortgaging can help you borrow for home improvements to even further increase your home’s worth.
  • If your current mortgage deal ends soon, you may move to the lender’s standard variable rate, which is often higher, making this an excellent opportunity to seek better deals.

Our Remortgage Solicitors have years of experience assisting people looking for a more beneficial mortgage deal. Call us today for more information on our remortgaging services.

How long does a remortgage take?

Before our work with new clients can begin, we must complete the client retention process: agreeing on the scope of what we are doing for the agreed-upon price, client setup and ID checks, and producing the bill. Please note that all new clients must make payment in advance.

Following this, depending on the circumstances, it takes around 4–8 weeks for a typical remortgage process to complete. If an initial deal is rejected, it can take even longer.

If you are planning to proceed with remortgaging in the near future, you may also be able to agree on a mortgage in principle up to three months in advance.

Many remortgaging delays are due to administrative holdups. To ensure the process moves quickly, you should ensure any relevant documentation is completed and returned swiftly.

Do I need a solicitor to remortgage?

If you remortgage with the same lender (known as ‘product transfer’), you may not need a solicitor; however, this depends on various factors, including whether you’re getting an advance on your existing mortgage or moving to a new rate or deal. That said, you may still benefit from advice from a Remortgage Solicitor to ensure the deal is right for you.

If you are remortgaging with a different lender, you must seek legal assistance to deal with the formalities included in the deal. As this process involves paying off your current mortgage in full and replacing it with an entirely new one, a solicitor will need to liaise with your new lender, review the mortgage documentation and update the charge at the Land Registry. This process can often be complex, so choosing an experienced legal professional is crucial.

How much does remortgaging cost?

Your supplier is CLC-regulated Mounteney Conveyancers Ltd, which charges VAT that some customers may be able to reclaim.

We charge £550 + 0.04% net + VAT, subject to a 30% supplement for complex titles.

Contact our Remortgage Solicitors

At Mounteney Solicitors, we pride ourselves on delivering exceptional legal services. Working from our offices in Bramhall, Cheadle and Heald Green, we provide expert advice and services to clients across Manchester and Stockport.

Our many returning clients and their recommendations of our services to others highlight our professionalism and commitment to providing only the highest standards and working to gain the best possible outcomes for our clients.

You can rest assured that you will always receive clear and concise recommendations and advice from our Remortgage Solicitors. Contact us today to speak to one of our specialists. We look forward to hearing from you.

FAQs

What happens if I’ve changed jobs since I last took out a mortgage?

If you’ve changed jobs or increased your full-time earnings, you must provide your current employer’s details on your mortgage application. If you’ve switched to a part-time role or undertaken a new role with decreased wages, this will impact the amount you can borrow. Self-employed individuals and those on maternity leave must also follow different rules.

Can I move my mortgage early to get a better deal?

You can. However, you may have to pay an early repayment penalty, negating the benefit of anything you could save by paying a lower interest rate. An experienced mortgage broker can advise you on your options should you want to move your mortgage early.

Is a remortgage the same as a product transfer?

Not entirely—if you’re staying with the same lender and securing a new rate, this is known as a product transfer, and you will only have access to their options rather than options from numerous other lenders. Your existing lender probably won’t do further checks under a product transfer, and no legal work is required. However, it could be cheaper to seek a different lender elsewhere.