Remortgaging Your Property: Top Five Dos and Don’ts

When faced with the remortgaging process, it really is important that you are properly organised. With some lenders, you can lock in a new rate as early as 6 months before your current deal ends, so being prepared is key. To help you get started, we’ve put together five tips on how to effectively remortgage your property. 

1.  Don’t: Remortgage your property with your existing lender before doing market research

In order to save time, it may feel tempting to accept a new deal with your current lender for convenience’s sake. However, the mortgage market is highly competitive, and it could well be that you’re able to find a more suitable deal for your circumstances by searching through a larger pool of lenders.

2.  Do: Take advice on the best option for you

While you can perform market research yourself, it’s also a good idea to take advice from a remortgaging specialist like a licensed conveyancer, which can save you time and money. Your conveyancer can use their expertise to research mortgages from various lenders to help you find the best deal for you.

3.  Don’t: Ignore the fees

When remortgaging your property, there can be a number of fees involved. Because of this, you should be looking at the overall cost of the mortgage as opposed to the rate. Fees you should be keeping an eye out for include early repayment charges, exit fees, valuation fees and legal fees. Your licensed conveyancer should explain all of these charges to you.

4.  Do: Consider whether any finance or lifestyle factors have changed

It’s also essential to consider whether your personal circumstances have changed since you last secured a mortgage. For example, has the amount you get paid each month changed? Have you had a child? Have you paid off a loan? Taking all of these factors into account will help make sure that you can afford to keep up with your future monthly mortgage payments.

5.  Don’t: Leave it to the last minute

If you’re on a fixed-term mortgage arrangement, you’ll need to secure a new mortgage deal before your existing one ends. This is especially important because otherwise, your current lender could move you to the standard variable rate, which could cost you more money. Ideally, you should start considering your remortgage options around 3-6 months before your deal ends.

Seek Help From Our Licenced Conveyancers

Whatever you’re looking for out of your remortgage, the team at PJE Solicitors can help. Our licensed conveyancers can assist with the process from beginning to end, ensuring that you secure the best new deal for you. Please get in touch with us for more information.