Everything you need to know about remortgaging
With an estimated 1.4m mortgages up for renewal in 2023 according to the ONS, CEO of Brevis, Amit Dass , outlines his thoughts on why remortgaging is such a hot topic right now.
Why are remortgages such a hot topic now?
Due to the global economic downturn, increased inflation has caused the Bank of England to increase the base rate to 3.5%. This time last year the rate was only 0.25% and a series of increases has been reflected in lenders’ mortgage rates. While the number of property transactions has slowed down recently, up to 1.4m mortgages are due to expire this year.
What does this mean for the consumer?
Current mortgage rates already reflect the base rate increase, so it’s those coming to the end of their term that will be the most affected. Anyone remortgaging in 2023 can expect an increase in their monthly payments. So, although it can be tempting to renew a mortgage with the same lender, in this economic climate it’s definitely worth looking at your options across the lender market, so you get the best deal available.
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Do you need a conveyancing solicitor for a remortgage?
If you’re planning to renew with the same lender it’s unlikely that you’ll need a conveyancer. If, however, you’re remortgaging because your circumstances have changed, or because you’re taking out equity, adding someone to the property, borrowing money from your existing lender or changing your mortgage terms, it can be extremely helpful to use solicitor.
How can Brevis help?
As a client focused law firm we recognise that remortgaging can be an onerous task that many people leave to the last minute. So we have a quick, online onboarding system that makes the process as easy as possible. And that’s important because if your preferential mortgage term is expiring soon, every day saved can save you money on hiked interest rates!
To read more and find out how Brevis’ specialist solicitors can help with your remortgage, visit our Home Mover's Guide or call 01438 989000.