A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage. There are various reasons for remortgaging but the most common reasons are for the purpose of switching to secure a more favorable interest rate from a different Lender or to release some equity from the property.
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 and can be dealt with directly with the Lender.
Before instructing a Solicitor to act for you on behalf of a remortgage it may be worth checking whether your Lender offers free 'in-house' legal assistance. If not, we will be more than pleased to assist you.
The Residential Property Team at Fosters Solicitors have a wealth of experience and knowledge to assist you in relation to any legal property query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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