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Remortgaging to ease a financial burden

Remortgage your property to free up cash

Remortgaging is a good way of easing a financial burden if you’re in need of an extra cash boost. Many remortgage a property to get a better deal, whilst others look to release some equity or consulate debts – all with the aim of reducing monthly payments.

Whatever the reason, it’s likely that you’ll need a remortgaging solicitor to handle conveyancing. We’ve helped thousands of homeowners with our stress-free remortgage conveyancing, allowing you to focus on other important matters. Now might be the best time to consider your options and re-evaluate what is likely to be your biggest financial commitment.

Why should I remortgage?

Simply put, this process involves taking out a new mortgage on a property you own, whether that be to replace your existing mortgage, or borrow money against the property to invest in other areas of your life. But it’s important to weigh up the pros and cons.

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When you should remortgage

The main reason people will seek to remortgage a property is so they have more cash in their pocket. That’s it, in a nutshell. But there are some more specific cases when you should consider remortgaging:

  • If you’re seeking a better rate.
  • If the value of your property has increased and therefore you’re eligible for lower rates.
  • If you’ve had an increase in finances and want to pay more, but your current lender won’t allow you to.
  • If you want to borrow more or release equity from your property. You will need to clarify to the lender what this money will be used for, such as home improvements, or to pay off other debts, or to buy another property.
  • If you need to remove someone from the current mortgage deeds.
Remortgaging Solicitors Bournemouth | Chester & Co
When not to remortgage | CHester & Co Solicitors Bournemouth

When you shouldn’t remortgage

As much as remortgaging can ease financial pressure, it’s important not to rush into making a decision and instead evaluate your situation. In some cases, it’s actually financially beneficial NOT to change your currently deal:

  • If your mortgage debt is very minimal.
  • If it is going to cost you more to exit the deal than what you would save with a new one.
  • If you don’t have very much equity in the property.
  • If previous credit issues will make it hard to secure a new lender.

Do I need remortgaging solicitors?

Remortgaging solicitors will cover all of the legal aspects of changing from one lender to another. Whatever your reasons for switching lenders are, your solicitor will need to work with your bank, building society or specialist lender in order to complete the process. You should think of this transfer the same as selling a property – you have to have a conveyancer to handle the legal and administrative work involved.

Remortgage conveyancing

Using a conveyancing solicitor is needed if you’re transferring from one lender to another, but not if you’re altering your deal with your current lender. Nonetheless, when this transfer occurs, the help of a solicitor is essential. You should expect the solicitor to carry out all of the necessary checks to ensure you are correct in seeking to change your mortgage.

Adding someone to a mortgage

Adding someone to a mortgage is known as transfer of equity. Similarly to the transfer of lenders, you’ll need a conveyancing solicitor to amend the deeds in order to add a friend or partner and ensure that ownership is made clear.

Removing someone from a mortgage

Aside from the financial benefits, remortgaging is also used to remove a person from the deeds of a property, usually following on from a divorce or separation.

In need of a conveyancer?

Chester and Co are an established firm of property solicitors in Bournemouth, specialising in remortgaging processes and conveyancing. We have worked with many different lenders and handled thousands of transfers. Our processes are very straightforward and completely stress-free, with no hidden costs and free quotes.

If you feel that now is the right time to remortgage, get in touch by emailing info@chesterlaw.co.uk or calling 01202 395 395

Want to remortgage? Get in touch with us…