Remortgaging is when you replace your current mortgage deal with another. This can be as simple as changing the terms of your existing mortgage with your current lender or it can mean changing lenders altogether.

The reasons that people tend to remortgage are varied, but common reasons are:

Very often, when you are remortgaging with the same lender, the process is very simple. Some lenders will give you a new deal without the involvement of a solicitor.

If you are switching lenders, however, the requirements are likely to be more complicated. The process will feel similar to when you first purchased the property. For example, the lender will require a valuation and searches.

Banks are still releasing information as to how this impacts current and future mortgages. As solicitors, Attwells cannot offer financial advice. However, now is arguably a good time to obtain advice from a financial expert or mortgage broker to see if you can save money.

Lenders are starting to announce cheaper rates and deals, and these are expected to improve within the next few weeks especially as the market slows due to the impact of the Coronavirus. Therefore, considering a fixed-term mortgage is arguably wise as you can maintain your low-interest rate for longer. However, any savings will greatly depend on your own personal circumstances.

If you are thinking of re-mortgaging, do watch out for the “Early Repayment Charge” trap. It is extremely common for your existing lender to charge a considerable fee if you leave your mortgage before the expiry of the initial fixed-interest period. You should check your existing Mortgage Offer to ensure that you will not be caught by the early repayment charge and if you will, think very carefully about whether a remortgage is the right thing for you. If your reason for remortgaging is to release equity, there may be other financial products available to you (such as Second Charge Mortgages) that may be more suitable. However, you should always ask the advice of a properly qualified financial adviser before making your decision.

The average remortgage takes 3-4 weeks to conclude after your new mortgage offer has been issued.

Leasehold transactions typically take 2-3 weeks longer due to the information that has to be collected from the freeholder or managing agent.

Attwells Solicitors will ask you for a payment on account to cover any third-party disbursements such as the cost of your searches or a copy of your title documents.

• Final Search Fee – £20 plus VAT
• Title Search Fee – £20 plus VAT for freeholds or £30 plus VAT for leaseholds

This will be up to £50 unless there are fees payable in advance to your freeholder for any information that we require from them.

Attwells legal fees will only become payable upon successfully completing your re-mortgage.

Land Registry Fees are due and will be payable based upon the purchase price.

Attwells have a large property team with a wealth of experience. Our property team includes Solicitors, Legal Executives, Licenced Conveyancers, Trainee Solicitors, Paralegals, and administration staff who may all undertake work on your behalf. All work undertaken by unqualified staff is supervised by either a Solicitor, Legal Executive or Licenced Conveyancer.