Taking out a mortgage will be one of the biggest financial commitments of your lifetime. It is both exciting and intimidating, but you do not have to stay with the same deal for the full term. Taking out a new mortgage on a property that you already own is the process known as “remortgaging”. This allows you to borrow money against your property as well as getting a better deal on your current mortgage. Research suggests that the right remortgage deal can save the average homeowner £300 a month. Remortgaging can be an extremely useful way of helping you save money that you may not initially consider.
When is the right time to start remortgaging?
There are a variety of mortgage deals out there depending on the lender and their criteria. However, most offer the best rate at the beginning of the deal to encourage you to choose their product. Once this period is over, which is usually between two and five years, you will be switched to the lender’s standard rate. If you are looking for a better rate when this happens, remortgaging is a great way to achieve this. It can also be an option if you have concerns about interest rates going up, as they do when you are outside your fixed term. If you are lucky enough for your property to shoot up in value and you find yourself in a lower loan-to-value bracket, a remortgage can help you get a better rate.
Remortgaging is faster than other conveyancing practices!
In August, the conveyancing firms on Home Legal Direct’s panel were working hard to complete purchases before the stamp duty holiday deadline. However, we also instructed significantly more remortgages to them. Their hard work saw them complete remortgaging transactions in as little as 14 working days, on average. However, choosing the right conveyancer for your transaction is key to achieving a quick turnaround.
Here are our top tips for ensuring a quick remortgage:
- Getting prepared as soon as possible can make all the difference. This includes getting your finances and paperwork in order, such as your payslips and bank statements.
- Go to a mortgage broker who has access to whole of market products to ensure all options are considered and you get the best deal for yourself.
- Choose a conveyancing firm that utilises technology to get a faster service. Online portals and identity verification services are key elements to look out for.
About Home Legal Direct:
By choosing Home Legal Direct, you will be connected to a regulated and vetted conveyancing firm for your remortgage. We use technology to power our service and drive the conveyancing process forward. Our biometric identification solution allows you to prove your identity in minutes, which can take weeks with a traditional conveyancer. Plus, our online case tracking will also keep you up to date, so you can always feed information back to your chain. Get started with a free, no obligation remortgage conveyancing quotation now!