Do you always need a remortgaging solicitor?
If you are remortgaging with your existing lender, switching to a new deal or borrowing more money, you will not need a remortgage solicitor.
However, if you are moving to a new mortgage lender, you will need to instruct a remortgage conveyancing solicitor.
If your lender provides a solicitor, do you need to use them?
Some lenders may want you to use their solicitor. If this is a condition of the remortgage deal, then you may have no option. Often lenders include a free legal package with their remortgage deals, but it is important to check the conveyancing service really is free and that there are no hidden costs in the small print.
Ideally, you will be able to choose your own remortgage solicitor. You can then research the best conveyancing service for you.
There are some circumstances in which you will almost certainly need to appoint a solicitor yourself. If you are adding someone else to your mortgage, you will need a solicitor to amend the mortgage deed to your property and draw up a ‘transfer of equity’. You will also need your own solicitor to complete paperwork if you are removing somebody from your mortgage.
How can you prepare to remortgage?
If you are thinking about remortgaging, you can increase the chance of your mortgage application being accepted by taking the following steps:
- Make sure your credit report is healthy.
- Live within your means by clearing credit cards every month and preventing your bank account from going overdrawn.
- Do not apply for any additional credit.
- Do not spend significant sums of money.
- Shop around for the best mortgage deals. Consider talking to an independent mortgage advisor who can explore the best options with you.
- Find out whether you will need to pay your existing mortgage lender early repayment charges.
Lenders always want to see that you can manage your finances and, therefore, pay them back each month.