Remortgage Solicitors Leeds

Remortgaging refers to the process of switching your existing mortgage to a new one, either with the same lender or a different one. People usually remortgage for various reasons, and it involves paying off the existing mortgage with the proceeds from a new one. Due to the turbulent nature of the current economic climate the prices and interest rates of mortgages are constantly fluctuating. 

There are various reasons why people typically want to remortgage their home, but two of main ones are: 

Remortgaging to save money

• If you are at the end of a short-term deal and don’t want to pay the lenders standard variable rate. 
• If you are in a short-term deal but feel you could save money on a different/better offer. 
• You are on a standard variable rate but think you could save by switching to a fixed rate.

Remortgaging to find a deal that suits you better

• If market interest rates have decreased since you took out your original mortgage, switching to a new mortgage with a lower rate can save you money on monthly repayments. 
• To access the equity in their property, homeowners can borrow an amount greater than what is left on their mortgage. The money obtained can be used for home improvements, debt consolidation, or other financial needs. 

It is important to check if you are in negative equity before considering remortgaging. Negative equity occurs when the value of your property drops below the amount you owe on your mortgage. If you are in negative equity, it may be challenging to remortgage unless you can cover the difference between the property value and the mortgage amount. 

As proud members of The Law Society’s Conveyancing Quality Scheme, we are recognised for our legal expertise and commitment to excellent client service.