Remortgaging

Our Residential Conveyancing department provides a straightforward, quality service designed to make the legal process of moving house, transferring title or remortgaging as stress free as possible. Each client is advised of progress at each stage of the conveyancing process. Each client has a dedicated partner managing their case for them whilst also having a dedicated fee earner progressing their work on a daily basis. This reflects our commitment to work in teams to ensure that all aspects of a conveyancing transaction are dealt with speedily and at the most appropriate level.

We cover all aspects of conveyancing including house purchase and sale, remortgage and title transfers. Our team of experienced staff, with over 200 years of collective experience, allows you to maximise your potential when moving house through Warners.

For a no obligation quote to remortgage your home, contact us now.

What is a remortgage?
Difference between a mortgage & remortgage
Remortgage process
Why remortgage?
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What is a remortgage?

Remortgage (remortgaging) can be known as ‘re-financing’ or lender switching. Remortgaging involves paying off one mortgage lender with the proceeds from a new mortgage related to the same property. Mainly UK citizens use the term ‘remortgage’ for switching their home finance from one company to another.

Difference between a mortgage & remortgage

The term mortgage originates from old Law French and the term mortgage can also be used with other forms of investments apart from property. In the UK the term 'mortgage' is usually the process of borrowing money to purchase a property with the mortgage lender securing the debt against the property. A remortgage is the process of paying off an 'initial mortgage' on a property by switching lenders and thus securing better rates of repayment and/or gaining access to any equity within the property.

Remortgage process

A remortgage does not mean adding a second charge to or taking a second mortgage against the property. The process of remortgage means to literally switch your initial mortgage to another mortgage lender that can offer better rates (and release equity at the same time). This process might involve not just switching lenders but also switching mortgage products. An experienced remortgage broker can help you in this process and by law (FSA) has to advise you of the best products and deals for you on the market.

Why remortgage?

Remortgaging can be done by homeowners for several reasons. The biggest ones are to reduce their monthly payments by securing a better mortgage deal, paying off any unwanted accumulated debts usually this is termed as debt consolidation, a homeowner might want to raise extra capital by releasing equity within the property or a home owner might want to pay of their mortgage at an earlier date.

For a no obligation quote to remortgage your home, contact us now.

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