Price promise: The online conveyancing remortgage costs show within our quotation system are 100% transparent, meaning the price you see is the price you will pay. All conveyancing solicitors on our quotation system have signed an agreement to provide conveyancing sosts that are totally transparent with no hidden fees.
 |
No meetings required |
|
Fast quote, no waiting |
|
No hidden extras |
|
100% transparent costs |
|
Nationwide coverage |
|
Instruct solicitor online |
|
No move, no fee |
|
24/7 case tracking online |
A remortgage (is also known as refinancing) is simply the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British. Often the purpose of switching is to secure a more favorable interest rate from a different lender.
The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, including to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.
Homeowners often mis-use the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender. |
