Do you need a solicitor to remortgage with the same lender?

Can I remortgage without a solicitor?

If you remortgage with your current lender, by simply moving to a new rate or deal, it’s considered a “product transfer” and requires no additional legal work. Otherwise, yes, a remortgage will require you to have a solicitor or conveyancer, to help with the legal side of things.

Is it easier to remortgage with same lender?

Mainly because remortgaging with the same lender – doing a product transfer – is easy. When you switch mortgage lenders, you need to reapply for a mortgage. … Especially as all you need to do to remortgage with the same lender, is agree to the new terms. That’s it – no extra checks, no solicitors, and no fees.

Does it cost to remortgage with same lender?

It is possible to remortgage with your current lender, although this is usually referred to as a ‘product transfer’. … The advantages of remortgaging with the same lender are: There are generally less fees to pay as you are able to avoid legal costs and valuation fees.

Why do you need a solicitor when remortgaging?

You need a solicitor because they need to make the transfer from one lender to another. So let’s just say you’re with NatWest and you’re remortgaging to Santander, for example, your solicitor will take care of that transition to make sure that the deeds and the mortgage are with the new lender.

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Can you remortgage to pay off debt?

Yes. You can remortgage to raise capital to pay off debts as long as you have enough equity in your property and qualify for a bigger mortgage either with your current lender or an alternative one. … Moreover, releasing equity from your property isn’t the only way a remortgage can help with your debts.

Is remortgaging expensive?

You’ll have paid legal fees with your original mortgage, but there’s typically less work involved in a remortgage so it usually won’t cost as much. … Sometimes lenders offer free legal work as part of the remortgage deal, in which case they’ll appoint a solicitor themselves.

How quickly can you get a remortgage?

The remortgaging process typically takes from 4 to 8 weeks after you apply. For most applications, you’ll need to speak to one of the lender’s mortgage advisers, who are qualified to advise you about the best deal for your needs.

How long does it take to get money from a remortgage?

The average remortgage takes 8 weeks if you are organised and have all the paperwork and information to hand that will be needed. If you are releasing equity as part of your mortgage renewal the extra funds raised will be sent to you through bank transfer by your conveyancer.

At what point can you remortgage?

Typically you can remortgage to a new deal six months after taking out your current mortgage, meaning you will not be able to release equity for at least six months. If you wait for longer than half a year you will have a better choice of remortgage with variable or fixed rate deals and equity options.

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Can you be declined a remortgage?

Some lenders may reject your application if you‘re nearing the end of your mortgage term and you don’t have much left to pay. From your point of view, you may not save much money by switching at this point. Especially if your current lender would apply early repayment charges for leaving before your deal ends.

Do you need to get your house valued for remortgage?

You don’t need to get your property valued prior to getting a remortgage. You will, however, need to know roughly what the market value is before you start your remortgage.

What documents do I need to remortgage?

Sort your paperwork to speed up the process

  • Your last three months’ bank statements.
  • Your last three months’ pay slips.
  • Been furloughed? …
  • Your last three years’ accounts/tax returns (if self-employed)
  • Proof of bonuses/commission.
  • Your latest P60 tax form (showing income and tax paid from each tax year)