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Remortgaging

Key Points

  • Remortgaging is thankfully much simpler than the process of buying a new home.
  • You can remortgage if you want to borrow more money or move to a better mortgage deal, whether you have an existing mortgage or you already own your property outright.
  • We handle the whole conveyancing process for you, including dealing with the Land Registry, and paying off your mortgage with your existing lender.
  • You can remortgage for buy-to-let or for debt consolidation, but you’ll need to consider how much money this will save you.
  • You don’t need to remortgage to buy your next home: you can move your mortgage or get a totally new one.
  • We offer an instant online estimate for our remortgaging fees.
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What is a remortgage?

The process of remortgaging is simpler than the process for buying a new home because the deeds of the property are already registered in your name.

If you own a property that has a mortgage on it and you want to change your lender or borrow more money against it, or if you already own a property outright and want to borrow money against it, you’ll need to remortgage your property.

You might also remortgage if you are looking for a better deal on your current mortgage, or your circumstances have changed.

Do I need a solicitor to remortgage?

If you are changing lenders then a solicitor will be required to register the new lender and remove interest of the original lender from the property.

How will Graysons handle the remortgaging process for me?

We’ll do a lot of work behind the scenes to make sure that your remortgage goes smoothly, but the main tasks will include:

  • requesting the title deeds and mortgage redemption statement from your existing lender
  • checking the mortgage offer from your new lender and obtaining searches if required
  • checking the property meets the lending criteria for your new lender
  • agreeing everything with you and arranging a completion date

When will completion take place?

Completion will take place once we’ve obtained funds from your lender (or new lender if you are moving to a better deal) and paid off your existing outstanding mortgage. We’ll also register the new mortgage at the Land Registry and send you a copy of the same once we have received the completed registration back.

Can I remortgage on a buy-to-let property?

Yes, but only certain lenders offer remortgaging deals on buy-to-let properties.

Do I remortgage to buy another house?

Not usually. You’d normally ‘port’ your existing mortgage to your new house, or you’d get a ‘home mover’ mortgage, which is essentially a new mortgage after you’ve paid off your existing one with the proceeds of your house sale.

Can I remortgage for debt consolidation?

Yes, but it’s often not the cheapest way of paying off debts. While the interest rate may be cheaper than a loan, a longer term (say, 20 years instead of five) may increase the amount of interest you ultimately repay.

What will Graysons’ remortgaging fees be?

Click here for an instant estimate 24 hours a day or contact us for a consultation to discuss your remortgage.

Don’t forget that Graysons is an accredited member of the Law Society Conveyancing Quality Scheme, so you can rest assured that our expertise and quality of service are second to none.

You have landed on this page as Watson Esam has merged with Graysons

You can read more about the merger here. Graysons will be pleased to help with your enquiry. Please visit our web pages or contact us directly on 0114 358 9009

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