Don’t let myths stop you from remortgaging
With news that over half of UK homeowners could reduce their mortgage repayments by remortgaging, we want to dispel the myths that could prohibit many from taking advantage.
According to financial researchers at Standard Poor’s, now is the best time to remortgage for six years. In one example a mortgage brokers explained how a homeowner with a £300,000 mortgage could save £700 a month by switching from a standard variable rate to the market leading two year fixed rate.
For more information about how much you could save on your mortgage, we strongly recommend you speak to a mortgage broker or financial adviser.
Remortgaging doesn’t need to be complicated
At Goldsmith Williams we are on a mission to make legal services more accessible and transparent for our clients. To achieve this we have produced an ever growing range of customer-friendly brochures, infographics and videos, completely free of any legal jargon.
Our most recent infographic is all about the remortgage journey and explains all the steps we need to do to complete your remortgage. After all, in our experience, when you know what lies ahead it makes the journey appear a lot more achievable.
We’ve also got our remortgage brochure which will also carefully guide you through your remortgage journey and answer any questions you may have. That said, if you are ever feeling confused or have specific questions, our team are here to help.
Remortgaging doesn’t need to cost the earth
Where things can get expensive is if you select a solicitor who is not on the lender’s panel as this would mean the solicitor could not act for both you and the lender. The lender would have to instruct its own solicitor and, as a consequence, would result in you paying two sets of legal fees as well as delay your case.
A good way to make sure this doesn’t happen is to instruct a solicitor with The Law Society’s Conveyancing Quality Scheme accreditation, an accolade that Goldsmith Williams was first rewarded back in 2011.
Some lenders offer a free legals service for remortgage cases. We can appreciate that this may sound like a great way to cut down costs however such schemes can be fraught with danger.
With free legals you don’t actually have any legal representation so should anything go wrong you would have nowhere to turn. Free legals can also be stretching the truth somewhat – there can sometimes be hidden charges.
Lenders who offer free legal deals also tend to have a cashback alternative, the proceeds of which can be used to pay your legal costs.
So there it is; now there are no reasons holding you back from investigating your remortgage options.
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Content correct at time of publication