ONP Blog

Remortgaging Explained

What does it mean to remortgage?

Remortgaging is the process of switching your existing mortgage agreement to a new deal, either with your existing provider or a new lender. Remortgaging does not mean you will be moving to a new house or renting out your own home.

Why should you consider remortgaging?

Getting a remortgage can be wise for several reasons, including;

  • To reduce monthly repayments
  • To pay off the mortgage earlier
  • You want to borrow more money – usually to carry out home improvement work
  • Your home value has increased
  • You are looking for a better rate
  • You are coming towards the end of your current deal

These options can make remortgaging your property look attractive, but there are some points you should bare-in-mind before coming to a final decision.

  • Your circumstances have changed, which could make it difficult to get a deal as good as your current one
  • Your home value has dropped
  • You’ve come into problems with credit since your previous deal
  • You are already on a great rate

What is the remortgaging process?

When you first decide to remortgage, the initial step is to contact an independent mortgage advisor to help you find the best deal. If you decide to move to a different lender to remortgage then you need to instruct a conveyancer straight away, who will then deal with the matter. This involves:

  • Requesting redemption from your current lender
  • Reviewing the terms of your new mortgage
  • Advising on the mortgage conditions and terms
  • Handling the transfer of funds
  • Updating the title deed with the Land Registry

You can find more information on the remortgaging process from our team of experts.

What can the ONP Group offer me as a remortgaging firm? 

Exceptional Customer Case

We have adopted the highest standards of customer care and a major investment in people, resources, and information technology.

Strong Expertise

We have one of the largest conveyancing teams in the North West, all of whom are solely dedicated to property services.

Dedicated Case Manager

You will be allocated a case manager who will be responsible for the day-to-day handling of your case and will be able to help with any questions you have.

If you want more information on getting started with your remortgage please get in touch.

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