Do I need a solicitor to remortgage?

Yes, you need a solicitor to manage the transfer of the mortgage from one lender to another. While you can apply to remortgage without a solicitor, the transfer process requires a legal expert.

Remortgaging means switching your mortgage provider while staying in the same home. People often do this to get a better deal with lower interest rates. Some may also extend the term to lower monthly payments.

Remortgage process

If you are considering remortgaging, first research current mortgage deals. Compare interest rates to find the best deal. If your property is now worth more than when you bought it, you may be able to get a better deal on your mortgage. Look into the mortgage terms before applying, such as the flexibility of the payments, or if there is an early repayment charge if you pull out early.

Once you have decided on a lender, you will need to apply for a new mortgage. Many lenders now offer an Agreement in Principle which allows you to find out if you are likely to be approved for the mortgage without needing to complete a full credit check.

After completing the remortgage application, the lender will complete a valuation on your property, then complete a credit history check before making a decision.

If you are successful, a conveyancer will arrange the financial and property admin for the mortgage transfer. Some lenders offer solicitors as a free service, but others may require a fee.

Can you remortgage early?

While you can remortgage early, most people wait until their current deal is ending. Otherwise, you could receive an early repayment charge from your lender.

How long does a remortgage take?

Most remortgages take between 4 to 8 weeks of applying. Having a good credit score and thorough paperwork will make the process run as quickly and smoothly as possible.

What legal fees are involved in remortgaging?

Fees can vary depending on the lender, so do your research to find the best deal. If you are leaving your existing mortgage early, you might have to pay an early repayment charge. Furthermore, you may face an application fee, a valuation fee and/or a solicitor’s fee for the new mortgage.

To learn more about how DFA Law’s solicitors can help you remortgage your property, contact our team by calling 01604 609560 or email info@dfalaw.co.uk.