A remortgage is the name used to describe the process of taking out a new mortgage on a property that you already own. You might ask why someone would do that, but it has become a more common practice in recent years. A remortgage can help you as a homeowner get a better rate, or borrow money against your property to be used as extra revenue. According to recent research, the average homeowner can save £300 a month by choosing the right remortgage deal. The money can be used on anything from home improvements to holidays, which is why remortgages are a popular choice.
When should I remortgage?
If you are unfamiliar with the process, it can be hard to know when the right time to remortgage is. For many of the big high street lenders, they offer the best deals at the beginning of the loan. After a few years, between two and five on average, the better rate will end, and you will automatically be moved over to their standard rate. This is often more expensive so when you switch is a great time to consider remortgaging. If you are outside of this period and you want to save money on your deal or you have concerns about interest rates going up further, a remortgage can also help.
How quickly can a remortgage complete?
A remortgage is one of the faster conveyancing transaction types. During August, the conveyancing firms on Home Move Hub’s panel were able to complete remortgages in 14 working days, on average. This means you can benefit from the savings afforded by a remortgage much faster than moving, for example. While choosing the right conveyancer is key to a fast completion, ensuring you are prepared early is also helpful.
Our top tips for a fast remortgage!
The first thing you should do is get your remortgage offer from your lender. The quickest way to do this is to get a whole of market mortgage broker to help you find the best deal. Ensuring your finances and paperwork including your payslips and bank statements are ready is also key. Finally, the right conveyancer will be able to help you achieve a faster completion. Online conveyancing firms often use technology to speed up traditional practices. A great one to look out for is online identity and anti-money laundering (AML) check services. They can save you weeks at the start of the process compared to a high street firm.
About Home Move Hub:
At Home Move Hub, our system is powered by modern technology. With our panel of expert conveyancing firms to refer your remortgage transaction to, our system helps to speed up the process. Our identification and anti-money laundering check solution can be completed in minutes and will save you weeks on your transaction compared to a traditional conveyancer. Get started with your free, online remortgage quotation today!
