With the uncertainty of whether inflation is going to level off or fall, interest rates have been raised for the 13th time in a row with financial markets predicting that these potentially could rise to 6%. Thousands of homeowners are caught up in the ticking time bomb of their fixed rates coming to an end and their mortgage payments becoming unaffordable or left with the uncertainty of their mortgage payments increasing with every interest rate rise as their mortgages are now not fixed and become trackers.

Mortgage brokers will become increasingly busy trying to secure the best new fixed mortgage deals for their clients, as borrowers seek to re-mortgage before the end of their current fixed-rate mortgages.

Most lenders will offer “free legals” to homeowners that are re-mortgaging with them, but beware of the pitfalls of taking advantage of this as your chosen incentive. Many mortgage lenders will offer to cover the solicitor’s fees for you as when you re-mortgage you will need a solicitor to handle the legal work for you, in removing your existing mortgage from your title, securing the new lender’s mortgage and carrying out vital legal checks on behalf of the new mortgage company.

If you opt for the “free legals” you will not be able to choose your preferred solicitor, your case will be passed to the lender’s preferred solicitors who will be dealing with hundreds if not thousands of re-mortgages for your mortgage company at any one time. You will simply join the queue and not have any control over when your new mortgage can be completed and they will not be able to guarantee that this will be before your fixed rate comes to an end.

The preferred solicitor will be acting primarily for the mortgage company and not you, if there are any technical legal issues or title problems they will not be able to resolve these for you and potentially you will have to then source your own solicitor to handle that part of the jigsaw for you, not only adding to your costs but the time that it takes to complete the new mortgage for you.

If you want to ensure that your new mortgage is completed, quickly and before your fixed rate runs out chose a locally recommended solicitor to handle the legal work for you. Don’t just be a case number be a client and receive that all-important personal service that provides you with the peace of mind that you will not be left with the uncertainty of what your mortgage payments could become if the interest rates keep rising and you have not secured in your new fixed rate deal at the end of your current fixed rate deal.

Opt for a cashback incentive, which will cover part of your legal fees and take the stress out of having to re-mortgage and puts you back in the driving seat.

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