Residential Property Solicitors for Remortgaging

Can I remortgage in negative equity?

Negative equity, usually caused by falling house prices, is where you owe more on your current mortgage than the expected selling price of the property would raise.

This can make it much more difficult to remortgage as the property is not seen as economically viable. However, some lenders cater for this niche market, while your existing lender might have options available to help you reduce your monthly repayments if you are struggling.

I’m self-employed. Can I still remortgage?

In most cases being self-employed in itself is not a barrier to being able to remortgage, but it might reduce the number of mortgage products available to you.

By seeking legal advice you can make sure that your employment status is correctly registered and that the mortgage you choose is suitable, so there is less risk of being declined or of disputes arising later on.

What are the main reasons to remortgage?

People remortgage properties for a variety of reasons. Some common reasons to remortgage include:

• Remortgaging to a lower interest rate or a new fixed-rate mortgage.
• Remortgaging to release equity for a purchase or to pay off other debts.
• Remortgaging to release capital gains due to rising property prices.

Usually it is either about paying less or releasing equity – just remember if you remortgage to release equity from your property, you will usually have to pay it back before you will own the property outright.