Remortgage Solicitors for England & Wales

SB Lawyers’ experienced remortgage solicitors will provide clear, no-nonsense legal advice for your situation and an efficient service for a smooth and hassle-free remortgage transaction.

Remortgaging can be a smart financial move, allowing you to secure a better interest rate, consolidate debt, or release equity. Sometimes it’s necessary when your fixed rate ends, and you want to avoid being put on your lender’s SVR (standard variable rate).

Reasons to remortgage

Remortgaging involves replacing your existing mortgage with a new one, secured against the same property. People choose to remortgage for several reasons, sometimes to improve their financial situation or achieve specific goals, but mostly due to their fixed-term ending.

Here are some of the most common motivations:

Lower interest rates

If interest rates have fallen since you took out your current mortgage, you could potentially save a significant amount of money on your monthly payments and over the life of the loan by switching to a more competitive deal.

• 1

  Money lump sum

To access a lump sum for renovations, extensions, home upgrades, or personal expenses.

• 2

  Help to Buy

To pay off a Help to Buy equity loan.

• 3

  Adjusting your mortgage

Adjusting the length of your mortgage to shorten (higher monthly payments) or lengthen (lower monthly payments) your repayment period.

• 4

  Avoiding SVR

Avoiding your lender's standard variable rate (SVR) - once your initial fixed rate or other introductory deal ends, you'll usually move onto your lender's SVR, which is typically higher. Remortgaging allows you to avoid this and secure another competitive deal.

• 5

  A buy out

To buy out a joint owner who wants to leave the property.

• 6

  Adding a new owner

To add a new owner to the property and mortgage, usually if a new spouse or long-term romantic partner moves in and you want to share the ownership and its responsibilities.

What do lenders look for?

• 1

  Credit score and history

A good credit score is essential for securing a competitive remortgage deal. Lenders will review your credit history to assess your past borrowing and repayment behaviour. Any missed payments, defaults, or County Court Judgments (CCJs) could negatively affect your application.

• 2

  Loan-to-Value (LTV) ratio

The LTV is the percentage of the property's value that you're borrowing. A lower LTV (meaning you have more equity in your home) generally results in better interest rates.

• 3

  Income and affordability

Lenders will assess your income and outgoings to ensure you can comfortably afford the monthly mortgage repayments. They'll consider your salary, employment status, and other financial commitments.

• 4

  Employment status

Stable employment is generally preferred by lenders. If you're self-employed, you'll typically need to provide more documentation, such as tax returns and business accounts.

• 5

  Property type and condition

The type and condition of your property can also affect your eligibility. Lenders may be more cautious about lending on certain types of properties, such as non-standard construction or properties in poor condition.

• 6

  Age

While there's no upper age limit to getting a mortgage, older borrowers may find it more challenging to secure longer mortgage terms.

It's important to remember that each lender has its own specific criteria, so it's always advisable to seek professional advice or use a mortgage broker to find the best deals for your individual circumstances.

The remortgage process

Mortgage in principle and valuation

If you pass the lender’s eligibility and affordability checks, they will issue a mortgage in principle (MIP) to tell you how much they’re willing to lend you.

It’s important to note that this is not a legally binding contract, just an indicator of the offer you could get from the lender, and they typically last for between 60 to 90 days.

As soon as you receive a MIP, book a current market valuation to avoid unnecessary delays. The valuation simply confirms to your lender that the property is worth the amount you’re looking to borrow.

Instruct a solicitor

If you’re changing mortgage lenders, you’ll need a solicitor to take care of all the necessary paperwork, including the official property transfer at the Land Registry.

Your solicitor will perform checks on the property’s title, prove your identity through an ID check, and confirm the source of funds you’re using to pay off your existing mortgage (savings, remortgage, gift, etc.).

Apply for your new mortgage

Either find a new mortgage lender or apply for another fixed-rate term with your current lender. Find the best one for you and your situation.

For example, you might be coming to the end of a five-year fixed-rate deal and your lender contacts you in advance of the expiry to let you know of their SVR. This is when you’ll shop around for a better deal on the market or look at your current lender’s mortgage products.

Your lender will provide a redemption statement which essentially tells you the amount left remaining to pay from the mortgage, how much you’ve paid up until this point, and any fees associated with the remortgage.

Official offer and completion

If your lender has approved your application, they will send your solicitor an official offer letter. This typically lasts for around 6 months and outlines your payment terms, credit checks made, and the property valuation.

Your solicitor will review the mortgage offer, carefully check over the terms and conditions and interest rates, as well as order local authority searches if needed.

If you own a leasehold property, they will handle communication with your freeholder. Once this is all in order, they’ll send the mortgage deeds to you to sign.

Your solicitor will then draw down mortgage funds from your new lender and use it to pay off your existing lender’s mortgage. The changes are reflected in the Land Registry.

Why SB Lawyers should do your remortgage conveyancing

Not only do we cover everything in the process listed above, but our client-centric approach sets us out from the rest with personalised support and clear communication from start to finish.

• Clear, straightforward, and jargon-free legal advice.
• Transparent and competitive fixed remortgage legal fees for most standard transactions.
• Conveyancing Quality Scheme (CQS) Accredited: Proving our commitment to the highest standards.
• SRA Regulated: Providing assurance of our professional conduct.
• In-depth knowledge of the local property market in South Wales.
• Over 325 Years of Combined Conveyancing Experience: A wealth of experience in handling remortgage conveyancing.

Remortgage legal fees: what to expect

Conveyancing fees for a remortgage can range from £300 to £1,000 depending on the complexity of the case (shared ownership, leasehold, etc.).

Most lenders offer a free valuation as part of the mortgage application process, but in cases where you must pay for a current market valuation, this might set you back between £150 and £1,000 depending on the size, location, and type of property.

You might also have to factor in early repayment fees. If you’re leaving your current mortgage early and want to hop onto a lower interest rate, you’ll typically have to pay an early exit fee as you’re ending the contract before the term ends. Lenders might charge between 1% and 3% of the amount repaid.

At SB Lawyers, we offer transparent and competitive remortgage legal fees for most standard remortgage transactions.

We offer fixed fees for most standard remortgages, providing cost certainty. Contact us for a personalised quote outlining our remortgage legal fees.

Our fees typically cover:

• All legal work related to the remortgage, including title checks, searches, redemption of the existing mortgage, and registration of the new mortgage.
• Liaising with your new lender and existing lender.
• Communication with your freeholder (if leasehold).

029 2046 1480help@sblawyers.co.uk