Remortgaging

Whether you are taking a mortgage on a property that doesn’t currently have one or remortgaging your property; Pearson Solicitors can help with the transaction.

There are several reasons why people remortgage their homes, many of which could save money in the process. But there are also traps that homeowners can fall into which could prove costly - which is why a conveyancing solicitor is a vital part of the remortgaging process.

Reasons to Remortgage

The many reasons why you may look to re-mortgage are:

• To obtain a better rate of interest or other benefits such as offsetting interest in a current or savings account.
• To consolidate debts and re-pay any other secured or unsecured debt.
• To fund home improvements, extensions, conservatories, loft conversions.

Mortgage lending is a highly competitive market with banks, building societies and other financial institutions offering mortgages with new deals to attract customers, making switching an appealing prospect.

While the concept is simple, the legalities can be complex, especially dealing with properties that may have long-standing covenants. And if there are any other loans or other restrictions secured against the property, other legal steps must be taken before the remortgage can go ahead.

Whilst re-mortgaging can save homeowners a huge amount of money, the costs associated with the process can sometimes be large and potentially have consequences. It is therefore highly recommended that you seek expert advice beforehand.