A re-mortgage is when you apply for a new mortgage with a different lender; however, instead of moving, you get to remain in your current home.

It is important to note that this is not the same as borrowing more money from your current lender.

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Understanding Re-Mortgages

If your current mortgage contract is about to end, or it has already moved to a follow-on rate, then it may be time to consider the possibility of remortgaging your current property.

For example, if your property is worth more currently than it did when you originally bought it, then your loan-to-value ratio may have changed. If this is the case, then you may now have access to a wider range of contract deals.

Changes in your personal life, whether planned or unexpected, could mean your current mortgage is no longer suitable. Whatever the issue may be, remortgaging your property could give you a chance to find a different deal that aligns more closely with your future plans.

For Legal Advice Contact Our Conveyancing Solicitors

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What You Need To Know

The remortgaging process can typically take around 4 to 8 weeks to complete. For most applications, you will be required to speak with a mortgage advisor before anything is approved. Additionally, when remortgaging your home, it is also crucial to take your current financial situation into consideration.

Our experienced team of conveyancing solicitors will offer legal advice while aiding you with your remortgage. We will provide you with a quick and seamless process to ensure that all legal checks and repayments that are currently withstanding with your mortgage advisor are completed in the necessary time period.

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