Personal Legal Services

Remortgaging

Re-mortgaging is when you move from one mortgage deal to another and can involve remaining with the same lender or switching to a new mortgage provider.

How does re-mortgaging work?

Re-mortgaging is when you move from one mortgage deal to another and can involve remaining with the same lender or switching to a new mortgage provider.

One of the main reasons people look to re-mortgage property is to save money. However other reasons could involve any of the following:

  • Your current deal is about to end
  • You want a better rate
  • Your home has increased significantly in value
  • You are concerned with rising interest rates
  • You wish to overpay and the current deal doesn’t allow for that
  • You want to switch to an interest only deal
  • You want to borrow more

How long does it take to re-mortgage a property?

It doesn’t take your bank or building society more than a few days to give you agreement to a re-mortgage in principle. Responsibility then resides with their surveyor to arrive at a current valuation. This can take anything from just a couple of days to two weeks.  With the documentation and formalities completed, the whole process should take no longer than 3-4 weeks.

Can I re-mortgage my house to buy another property?

Re-mortgaging your house to buy another property is a popular method of raising capital for people who are looking to either invest in buy to let or buy a second home.  As a general rule, the lender will tend not to stipulate what you spend the money on so it could be put towards an extension, new conservatory, refurbishment or, indeed, to buy another property.

Whatever your reason for choosing to re-mortgage, your new lender will request the involvement of an experience conveyancing solicitor to complete all legal work involved.

Why choose Garratts?

At Garratts, our aim is to make your re-mortgage process swift, smooth and as stress-free as possible without sacrificing on the quality of service.

Our experienced staff specialise in the conveyancing process and you will have direct contact with them throughout your case.  Wherever possible we email letters and documents to you and keep you fully up to date at each stage of the process.

Fees are fixed from the start, so you know what to expect to pay at the end of the case.

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