It’s often a fairly straightforward process, but unfortunately it gets more difficult at the times when you most need to remortgage due to struggling household finances.

Our residential property solicitors are here to help you navigate those turbulent waters and make remortgaging a smoother ride. You can call our remortgaging solicitors in York, Leeds and Sheffield on 0333 323 5292 or fill in the contact form on this page for a prompt reply.

Remortgaging Explained

Remortgaging is quite simply the process of switching from your current mortgage to a new one. That can give you access to new fixed rates and capped rates, other incentives, or allow you to remortgage at a lower interest rate if your loan-to-value ratio is lower.

By definition remortgaging means you have already been through the process of getting a mortgage once, so it can be a much less stressful process than being a first-time buyer.

However, it is also often used to tackle financial difficulties and ultimately avoid repossession, so it’s important to seek legal advice if you are not sure about any part of the process, or you just want to make sure you get it right.

Contact Us Today

Fill in the enquiry form or use the direct details below to speak to our residential property solicitors in Sheffield, York and Leeds about remortgaging.

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Frequently Asked Questions

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.

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Get In Touch Today!

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