Remortgages Explained

Abagail Witts, Trainee Solicitor | 16th November 2023

What is a Remortgage?

Simply put, a remortgage is switching your current mortgage to a different mortgage product. This can either be with the same lender or a different lender.

Why Remortgage?

If you have come to the end of your fixed rate on your current mortgage, you may find yourself wanting to switch to another mortgage product, to have the security of another fixed-rate mortgage and to avoid the variable rates.

You should consult a Mortgage Broker or Independent Financial Advisor who can assess your circumstances and find the best product for you, or you can visit your bank as most banks have in-house advisors.

What is the legal process for a Remortgage?

Firstly, you would approach a financial advisor, broker or bank who can find you the best product for your circumstances. They will check how much you owe on your existing mortgage, and give you options on a new mortgage for the same amount as your old mortgage, or you can sometimes borrow more money.

You should then instruct a solicitor or conveyancer who will be instructed to act for you and your new lender.

The solicitor/conveyancer will carry out a title check against the property. They will check with your new lender about whether they require any searches to be carried out against the property – most lenders accept search indemnity insurance for a remortgage so this can save time and money.

Your mortgage offer will be granted, and your solicitor will report to you on the contents of the offer being made to you. If you accept the offer, you will then sign your new mortgage deed in readiness to complete the remortgage.

A Redemption statement for your current mortgage will be obtained for an agreed date. Your solicitor/conveyancer will draw down the mortgage advance from your new lender.

The solicitor will repay your previous mortgage using the funds from your new lender. The mortgage deed will be dated, and the remortgage will be complete – this all happens on the same day. At this point, your old mortgage has ended and you then start your new mortgage.

An application will be made to the Land Registry to remove the existing charge against your title in favour of your old lender, and to register your new lender’s charge.

Why use Bright Solicitors for your Remortgage?

Bright Solicitors offers remortgages from £950 + VAT and disbursements. By choosing Bright Solicitors, you are choosing a modern law firm that prides itself in ensuring that the client experience is first-class. Our current timescales for completing a remortgage are approximately 6-8 weeks. However, they can be completed quicker depending on which lender you use.

We are a high street firm so you can make an in-person appointment if you require one. A member of the team will always be available to take your call about any queries you may have.

If you would like a quote for a remortgage, please contact Alexandra.knapman@brightllp.co.uk or give her a call on 01752 388913.

Please note that Bright Solicitors are not financially regulated and cannot offer you any advice on the merits of re-mortgaging. You should rely on the advice of your financial advisor with respect to the best product available for you.