Remortgage Pricing
A remortgage is when you either renegotiate with your current lender or change the mortgage on your property to a new lender. It is important to speak to a mortgage adviser
who can go through the options with you and make sure you get the right deal for what you want to achieve.
There are many reasons you may wish to remortgage such as:
- To reduce the interest rate on your mortgage.
- To fix your monthly payments and protect against possible future rate rises.
- To raise money to carry out home improvements.
- To raise a cash lump sum by releasing equity from your home.
- Change in personal circumstances such as a marriage or divorce.
- To consolidate your debts.
Time Scales
A typical remortgage takes between 6 and 8 weeks, however it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
Key Milestones
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided.
- Requesting the Title Deeds and Redemption Statement.
- Obtaining Official Copies of the Title.
- Checking the Title.
- Checking Official Copies.
- Leasehold properties will require the lease to be checked and enquiries made if relevant.
- Searches.
- Checking the mortgage offer.
- Preparing for completion.
- Requesting final redemption statement.
- Requesting the mortgage advance.
- Completion.
- Registration.
| Service | Pricing |
|---|---|
| Freehold | £ 950.00 + £190.00 VAT |
| Leasehold | £1,050.00 + £210.00 VAT |
Other factors that can increase our fees are:
- The level of client involvement required, and the seniority of our personnel required to be involved by the client.
- Whether consents from any third party (typically but not always a landlord) are required and whether that third party attaches conditions to that consent.
- If the financing involves a second or subsequent legal charges.
Disbursements
Disbursements are costs related to your transaction that are payable to third parties. The most common disbursements for a remortgage are as follows.
| Disbursement | Fee (GBP) | VAT (GBP) | Total (GBP) |
|---|---|---|---|
| Bank Transfer fees (Telegraphic transfer) | £50 per transfer | £10 | £60 |
| Land Registry Registration fee | £20 – £140 | £0 | £20 – £140 |
| Identity Check Fee | £15 per person | £0 | £15 |
| OS1 Search Fee | £7 per title | £0 | £7 |
| Bankruptcy Search Fee | £7 per person | £0 | £7 |
| Search Fee / Indemnity Insurance | £30 – £300 | £0 | £30 – £300 |
VAT is calculated the current rate of 20%
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