If you’ve started to look at new mortgage products the most important issue, once you’ve found the best product for your circumstances, is to ensure you are able to complete the remortgage in a timely manner.
You don’t want to complete too early of course and face an early redemption charge (ERC) , but equally important you don’t want to be stuck paying a standard variable rate once your product has ended as this could be significantly higher than your existing monthly payment
Many lenders now offer a ‘free’ legal service with your remortgage but a quick search online and you will find countless reviews of large conveyancing factories which are…less than great.
The firms are paid direct by the lender to deal with a huge volume of remortgage cases each month, which means everything must be process driven and involve as little client contact as possible to ensure they are still able to make a profit.
The second issue with “free” legals is that the majority of the time they do not end up being free because the lender’s solicitors will charge a fee/supplement for dealing with things such as Freeholders/Management companies, indemnity policies, other third parties….the list goes on.
Worst case scenario (and it does happen) is that your mortgage offer expires before you’re able to complete, which then means starting the whole process again whilst paying your existing lender’s standard variable rate for another couple of months!
If you’re starting the remortgage process, before agreeing to take the free legal option find out if they offer a cashback alternative as this will often coverage the majority of the cost of instructing your own law firm.
We help hundreds of people buy, sell and remortgage each year and our online reviews show that we’re doing a great job! So if you’d prefer a personal service with someone you can speak directly to call 01282 695400 for a no obligation discussion.
