GWlegal has been helping customers remortgage for over 30 years and can help you lock in that new rate sooner rather than later.
We won ‘Best Conveyancer’ at 2016 Specialist Finance Awards. Instruct us and you’ll find out why!
People usually decide to remortgage either to save money (by securing a lower rate of interest on the debt) or because they are moving to a different property. Others remortgage to release capital (or 'equity') from their property to pay for things such as home improvements or to pay off other debts.
The great thing about choosing GWlegal though, is that you get a solicitors’ firm with a local approach. Many of our Liverpool lawyers and support staff have worked at the firm for as long as 30 years, so we must be doing something right!
What is remortgage?
A remortgage is where you take out a new mortgage on a property you already own - either to replace your existing mortgage, or to borrow money against your property.
How much can I remortgage my house for?
It depends, but the reason most people remortgage is indeed to save a significant amount by locking in a much better rate.
How soon can I remortgage?
You actually don’t have to wait until your current deal ends. If you’ve got your eye on a particular mortgage deal, sort it out in advance, and then you can switch over as soon as your current deal ends, without delay.
Reasons you should remortgage, include:
Your current deal is about to end; you want a better rate; your home’s value has gone up a lot; you’re worried about interest rates going up; you want to borrow more e.g. to make home improvements; you want a mortgage that is more flexible; etc.
There are 3 key areas that you need to know about and understand – because they involve you. All the other, complicated stuff, you can just leave to us.
Signing the mortgage deed
Some lenders require you to sign your mortgage deed in front of a solicitor. Any local solicitor can witness this, though some may charge a small fee. You will need to take photographic proof of identity with you.
Receiving your funds
Once the transaction has been completed, we will forward any remaining balance to you. This will be net of any fees, disbursements and VAT that have been incurred during the process.
Confirming the details
When we receive your mortgage offer, we’ll send you the details and conditions of your mortgage. It is important that you read these in detail and ask your Introducer if you are unsure about any of these conditions.
With regards to the redemption figure (the final figure to settle your previous mortgage inc. all charges and interest), we’ll assume the figure we receive from your existing lender is correct (we do not have the facilities to check these figures or know whether any penalty or added interest is justified). If you are in any doubt, then you must ask the lender directly to check their figures before completion. In any case, you should never cancel any standing order or direct debit to your lender until we confirm the loan has been cleared and any charges have been paid in full.
Lynne is a licenced conveyancer with over 20 years’ experience. Since joining the company as a Fee Earner in 2005 Lynne quickly became a Manager and then in 2012 became Head of Property.