Our expertise
Re-mortgaging
Re-mortgaging or Re-financing a property is one of the many conveyancing services that Ross Coates Solicitors can offer you.
Leasehold flats or freehold houses are often and in some cases, frequently re-mortgaged by their owners for a variety of reasons such as raising some additional finance for whatever reason or alternatively perhaps switching to a more competitive interest rate. Many homeowners, when reminded to by their financial advisers, will more often than not re-mortgage their properties once every 2 years when, for example, a fixed interest rate term comes to an end. Fixed interest rate terms are most frequently for a period of 2 years although can be fixed for 3, 5 or even 10 year terms.
Re-mortgage transactions are usually completed extremely quickly as title deeds are downloaded electronically from Land Registry direct (the Land Registry’s website) and clients new mortgage offers can be received also in a similar fashion. Most lenders accept search indemnity insurance which is arranged on an email or a telephone call and this therefore obviates the necessity of having to wait approximately 10 working days for the search results.
It should be noted that mortgagees (lenders such as banks and building societies) will often offer new customers incentives to re-mortgage with them such as a contribution to legal fees or even payment of all legal fees and disbursements and in this situation it may effectively cost a client nothing to re-mortgage and this added to a better rate of interest can make re-mortgaging a very attractive proposition.
For our guide to re-mortgaging, please see our article, by clicking on this link - Re-mortgaging.