Remortgaging your property is undoubtedly one of the largest financial commitments that you will have to make.
The legal process can sometimes be frustrating, especially if you have not chosen the right legal representative to act on your behalf. In recent years, lenders have offered free legal remortgage products to new and existing customers and these products have been designed to enhance the remortgage customers experience and to streamline and reduce the amount of time taken to process a remortgage. Solex has a long standing and proven track record in both the private remortgage market and in connection with lender free legal products. We are proud to have been a chosen provider of such services to lenders and private clients since 1996.
What is remortgaging? Simply put, remortgaging is when you change your mortgage to a different lender. Shopping around regularly for a new mortgage deal is a relatively recent phenomenon. With bank base rates remaining at a historically low figure of 0.5%, and many lenders offering low standard variable rates (SVR) to existing customers, the number of remortgages in the last year have reduced. It is likely, however, that the bank base rate, and therefore SVRs, offered by lenders will increase, and this could lead to an increase in the number remortgages as home owners seek to secure the best possible fixed rate deal.
There are several reasons why home owners decide to switch to another lender. At the end of any deal, whether capped, discounted, fixed or tracker, your lender will automatically move you to its SVR, which may be more expensive than the rate you have been on. The onus is on you to see whether you can move to a more competitive rate with your existing lender, or whether you need to remortgage with another lender to secure a better deal. The benefits of this include the potential for reducing your monthly payment by remortgaging at a lower rate, freeing up cash to make overpayments or alternatively increasing your monthly payment and reducing the term of the mortgage.
Whatever your requirements, our experienced remortgage team is here to help you understand the legal procedures involved and to efficiently and swiftly guide you through the various stages of a remortgage.