How to Remortgage when Your Fixed Rate Mortgage Ends

Sarah Ryan, Head of Private Client
Author:
Sarah Ryan
Head of Property, Licensed Conveyancer
Date:
18/03/2020

If you’re out of your fixed rate mortgage, then your mortgage payments will probably rise. As a result, it’s important to look at your options before your fixed rate mortgage ends.

The market for fixed term mortgages is competitive and typically, lenders will offer fixed rates from two, up to ten years.

Some of the benefits of a fixed rate mortgage are that you know exactly what you will be paying for the term of your mortgage, no matter what interest rates are doing. This can help you to plan and budget effectively.

Our nationwide team of Conveyancing Solicitors can help you with the legal aspects of your remortgage. To see our best remortgage deal get a free remortgage quote online now or contact us for free initial advice.

Call now 08002605010 or Get Conveyancing Quote

Before You Sign a New Mortgage Deal

One of the main reasons to remortgage is to see if you can get a better deal from the one you’re on now. You should make sure your savings outweigh any redemption feeds, arrangement fees, valuation fees and broker costs. You may also have to pay legal fees so make sure you’ve got all the figures before you sign the new mortgage deal.

Most mortgage providers will need you to use a Conveyancing Solicitor but you may not need one if you’re borrowing more money on your existing mortgage, or if you remortgage with your current lender.

Can I Choose Which Solicitor to Use?

Yes, you can. Whilst many lenders in England and Wales include a legal package in their remortgage deals, there could be hidden costs so it’s best to choose your own Solicitor who can identify any additional costs or other issues. You might also need to use a Conveyancing Solicitor:

  • If you want to add someone to the mortgage. The ownership of your property will change so you’ll need a Solicitor to complete a Transfer of Equity
  • If you want to take someone off the mortgage. A Solicitor will be needed to amend the Title Deeds after the Transfer of Equity has been done.

How to Get a Remortgage

It’s best to start looking at your options about four months before your current deal comes to an end.

You should get advice from an Independent Mortgage Advisor who can give you all the information you need about remortgaging and your options.

Once you’ve decided that you do want to remortgage, find a Conveyancing Solicitor who can tell you what you need to do and what they will do for you. Between you, you’ll need to:

  • Get the Title information for your property
  • Get a mortgage redemption statement
  • Review the formal mortgage offer from the new lender
  • Set a completion date for the remortgage
  • Register your new mortgage with the Land Registry

How Simpson Millar Can Help You

We offer free initial advice and have Conveyancers and Conveyancing Solicitors nationwide who can deliver a quick and efficient service for your remortgage. We’ll make sure you are kept up to date every step of the way, whilst we handle all the legal aspects of your remortgage.

For free initial advice call our Conveyancing Solicitors

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Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London, Manchester and Southport.