Confusing about what remortgaging is, or what the process entails? This remortgage conveyancing guide is here to help. Remortgaging is the process of closing one mortgage account and replacing it with another. We hope that this remortgage conveyancing guide will help you understand the process. The new mortgage pays off the old one and you are then subject to new terms.
Most people would remortgage for one of three reasons:
- To gain access to some of the funds from the increase in the equity of their property
- To get the security of a fixed rate when a previous mortgage was on a variable or tracker rate
- To achieve a better rate of interest due to changes in circumstances since the original purchase.
Any remortgage involves a certain amount of legal work and that is where conveyancers come in. Best Value Conveyancing is happy to help you with any aspect of the remortgaging process. This remortgage conveyancing guide is intended to give you some idea of what happens when you remortgage a property. If you have any questions after you have read the remortgage conveyancing guide, please do not hesitate to get in touch: 0800 038 7007.