Property, Wills and Probate

REMORTGAGING

The term “Remortgage” simply means switching your mortgage lender or mortgage deal.

Remortgaging has become increasingly popular in England and Wales throughout the last 15 to 20 years as competition has increased and more favourable “deals” have become available. It really is no longer an option for most people to stay with their original Bank or Building Society mortgage for the full term as switching mortgage can mean a lower rate of interest, thus reducing your monthly payments.

With so many remortgage options available it can be time consuming and confusing trying to find the best option available and hence, it is always advisable to approach an Independent Financial Advisor, (who does not charge you a fee for his services), to search the market place for you.

Once you have found the most suitable mortgage deal, you must approach a Solicitor/Licensed Conveyancer to handle the transaction for you. (This is not always necessary when staying with your existing lender, but should be checked with them).

Remortgaging your property can also release equity (the profit that you have made on your home that is in essence, unused surplus cash) to use for many different reasons;

* Home improvements
* Paying off debts
* Financing a second home/holiday-home or buy-to-let property
* University fees or to provide a home for older children during their University/College years.
* Buying out an ex-partner following the breakdown of a relationship or divorce.

Whether simply looking for a better deal or looking to release equity, the task is not as daunting as it may sound.

Jane Overland at Bird & Co Solicitors advises "Once you have found your mortgage product, we here at Bird & Co obtain the title deeds to your property and a settlement figure from your existing lender (to ascertain precisely how much is required to pay off your current mortgage and also any subsequent secured loans)."

Once we have checked the deeds to ensure that all is in order and ensured you are happy with the mortgage that has been offered to you, we obtain your signature(s) to the new mortgage paperwork, set a mutually convenient date for completion, and request the release of the new mortgage advance.

At no time do you have the stress of handling payments or receiving cash. Everything is done here at Bird & Co, swiftly and efficiently on your behalf, with the balance of any proceeds being paid direct into your nominated account or sent to you by cheque on the day of completion.

The whole process (from receipt of a mortgage offer) can often take as little as two to three weeks and is usually a stress free exercise.

Bird & Co offer an efficient and friendly service at a competitive price. Telephone us on 01476 591711 (Grantham office) or 01636 650880 (Newark office) to find out more.

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