In these times of financial uncertainty, many of our clients are wisely opting to fix their mortgage interest rates to safeguard against potential increases in the interest rates. At Ringrose Law, we are committed to facilitating a smooth transition for you.
Why Re-mortgage?
Re-mortgaging can be a prudent financial step, often leading to considerable savings on monthly repayments. By securing a mortgage deal with more favourable interest rates, or by adjusting the term length to better suit your financial goals—whether that means extending or shortening the mortgage term—you can achieve greater financial flexibility and peace of mind.
Professional Guidance is Key
Navigating the complexities of re-mortgaging requires expertise. A qualified mortgage broker, regulated by the Financial Conduct Authority (FCA), is obligated to provide you with the best products and deals available, ensuring your financial decisions are both sound and advantageous.
The Re-mortgaging Process Explained
- Understanding Your New Mortgage Offer: When you receive your new mortgage offer, our role is to clarify the terms, ensuring you are fully informed and satisfied before proceeding.
- Addressing lender enquiries: Lenders typically have queries about the property—like whether you’ve built an extension—to ensure that all necessary permissions and regulations are adhered to.
- Searches and Insurance Policies: Local searches are uncommon in re-mortgaging unless there’s a particular concern. More likely, we will arrange an insurance policy to safeguard the mortgage company against potential undiscovered issues.
- Statement of Account: We’ll request a statement from your current mortgage company detailing the outstanding amount, then provide you with a financial breakdown of the transaction, including any funds to be released to you.
- Signing the Mortgage Deed: You’ll need to sign the new mortgage deed, which we can facilitate in person or by sending the documents to you for convenience.
- Scheduling the Completion: After receiving the signed deed, we’ll coordinate the completion date. Funds will be requested in advance to ensure seamless repayment of your old mortgage and disbursement of any remaining balance to you.
- Updating the Land Registry: Finally, we will handle the formalities of updating the Land Registry to reflect your new mortgage details.
Our Commitment to You
At Ringrose Law, we simplify the re-mortgaging process by managing all the complexities on your behalf. Moreover, we offer a fixed fee service to ensure transparency and prevent any unexpected costs. For expert, straightforward advice, reach out to our conveyancing team today.