What is Remortgaging?
Find out what remortgaging means and if it’s right for you.
Do you need a solicitor to remortgage?
You will need a solicitor or conveyancer to remortgage. This should cost less than it did when you arranged your first mortgage. Some lenders may offer to pay your solicitor fees, so be sure to check before going ahead.
Your solicitor may conduct ID checks and property searches. They’ll also collect the funds from your new lender and repay your existing lender.
How soon can you remortgage?
This often depends on your current lender and the type of mortgage you have.
If you have a fixed term mortgage, check your terms and conditions before deciding to look for a new deal. Some lenders may apply an early repayment charge if you leave before the end of your contract.
Most mortgage offers are valid for up to six months after they’re made. This means you may be able to get a new deal and arrange for it to start once your current deal ends. This way you might be able to avoid paying an early repayment charge.
How long does remortgaging take?
Remortgaging usually takes between four and eight weeks. This gives time for your conveyancer to carry out searches and sort out the legal paperwork.