Remortgaging a property

Whether you are exploring new mortgage options or switching lenders, our residential conveyancing specialists are committed to handling your remortgage swiftly and with clarity.  

Homeowners choose to remortgage for a variety of reasons, from securing a better interest rate or switching lenders, to releasing equity for renovations or consolidating debt. It can also be a strategic move to lock in a fixed rate or adjust the terms of an existing mortgage. Whatever the motivation, remortgaging can offer greater financial flexibility and long-term savings. 

Remortgaging is a relatively simple process and MSB ensure it remains that way.  

• Once we are instructed to act on your behalf, we send you a property questionnaire as part of our digital onboarding process. This form allows us to gather property specific details.  
• We review your property’s title to identify any requirements for registering the new mortgage. We will review any title restrictions and covenants to ensure that there are no legal hurdles to overcome.  
• We contact your existing mortgage provider to obtain an initial Redemption Statement. The redemption statement will set out your current mortgage balance and the amount required to repay. The statement also sets out any early repayment charges that are due in the event repayment is made during the initial fixed term of the mortgage.   
• Once your new lender issues the mortgage offer, we will review it and issue you with a carefully prepared mortgage report. The report will cover the key provisions of the mortgage and ensure you fully understand the terms of the offer. 
• When issuing the mortgage report, we also send you a mortgage deed. The deed will need to be signed and witnessed and returned to our office ahead of completion.  
• Once all appropriate mortgage documentation has been executed, the final step is to agree a completion date. At this point, we arrange for your new lender to release their funds and obtain a final redemption statement.  
• Prior to the completion date, we issue you with a financial statement that shows a clear breakdown of the funds involved in the transaction. We also ensure that you understand the figures prior to completion taking place.  
• If there is a balance due to you, we will obtain your bank details securely and contact you to verify your bank details ahead of completion.  
• At completion, we pay off your existing mortgage with your new lender’s advance. Any remaining balance will be transferred to your account in accordance with your completion statement. 
• Finally, we register your new mortgage at the Land Registry and remove the old legal charge from your property’s title. Once the application is completed, we send you copies of the updated property title and any supporting documents for your records.  

It is crucial to assess your financial situation when considering a remortgage. Before deciding, it is a good idea to speak to an experienced financial advisor or mortgage broker about your options. 

A typical remortgage needs to consider the following costs:  

1. Early repayment charges and exit fees - Most fixed-rate mortgage products have early repayment charges (ERCs) during the initial fixed period, which will potentially be thousands of pounds. It is important to establish at an early stage if you are liable for any charges. This can significantly impact the viability of any remortgage.  
2. Arrangement fees - Often new mortgage offers come with an arrangement fee. Most lenders will allow you to choose between paying the arrangement fee upfront or adding it to the mortgage. 
3. Legal fees - No property or property transaction is exactly the same and the legal fees will reflect the particular requirements of your remortgage. You will also need to pay any disbursements. These are the costs related to your matter that are payable to third parties, such as Land Registry fees for the registration of the new mortgage.