Veitch Penny Solicitors

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Categories: Buying a Property, Property

Is your fixed rate mortgage coming to an end?


Remortgaging is the process of repaying your existing mortagage and replacing it with a new one from a different lender, usually to get a better rate mortgage. Everyone is looking for ways to save money and remortgaging could be the answer.
There are two main reasons for remortagaging:

01To save money
Sometimes better deals are offered to new borrowers than to existing ones

02To raise capital
As house prices rise, it can be used as security for extra borrowing

There are a number of expenses involved with remortaging. These include:

  • Legal Fees – please contact us for a FREE fixed fee quote;
  • Land Registry registration fee;
  • Land Registry search fee;
  • Local authority, environmental and bankruptcy search fees (depending on lender);
  • Bank charge for redeeming existing mortgage.

The Veitch Penny team will ensure:

  • that you are aware and understand the purchasing process;
  • that your solicitor is available to answer any queries you may have;
  • you get regular updates by phone, email, SMS or in writing as your case progresses;
  • fixed fee costs so you know how much you have to pay, with no hidden surprises.

You should ensure that there will be no penalty charge payable to your present mortgage lender and that you are tied to them in any way.  A combination of having to pay early repayment penalties to one lender as well as paying fees to a new lender in order to switch can wipe out many of the savings that you could otherwise make.

You need to know exactly what the new mortgage is going to cost you and how long any discounts or fixed rates apply for.

Once you have got your new offer of mortgage the legal process is fairly straightforward.  We can carry out the legal checks that your new mortgage lender will want.  We will check exactly how much you need to pay to your old lender on a fixed date to pay off everything that you owe.  On the chosen date we then draw your new mortgage loan from the new lender, pay off the old loan and pay over to you any surplus.

We then have to register the changes at the Land Registry.

It is important to remember that if you have taken out a second loan on the property with a different lender (and these are often arranged in conjunction with home improvements such as window replacements or new conservatories) you may need to pay off that additional borrowing as part of the deal.

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