Remortgaging during the Coronavirus: Is there any benefit in me remortgaging now?

Aston

24 August, 2021

Can I remortgage my property during the Coronavirus lockdown?

Aston Brooke Solicitors is a reputable law firm based in Harrow, Middlesex. We have been serving our valued customers for over a decade by providing high quality, bespoke legal services such as Conveyancing, Litigation, Immigration and Wills & Probate and more. In light of the current COVID-19 outbreak, we are proud to be at the forefront of providing our customers with up to date news and advice on regulations regarding COVID-19. We will update our information regularly as per instructions from the Government.

Yes, you can change your mortgage product to a new deal with your existing lender or a new lender. At the end of this process you will not be moving home and the new mortgage will apply to your existing property. You will have to instruct conveyancing solicitors to act on both your behalf and that of the lender.

Is there any benefit in me remortgaging now?

Recently, there has been an influx of Remortgage applications as homeowners take the opportunity to benefit from the low interest rates currently in place. One of the main reasons that one would have to remortgage their property is to obtain a better deal and ensure that they are in the best financial position by reducing the cost of their home loan – a low interest rate ensures this.

I want to avoid early exit fees on my mortgage. What are my options?

You can secure a rate to use months later when the exit fees on your current mortgage no longer apply. A lot of lenders allow you to secure a rate with them 3 to 6 months in advance. This would however mean that if there is a better deal two months down the line you may miss out on that as you will have committed yourself to a deal (by paying the initial fees, usually non refundable,) that will be starting at the end of your existing mortgage term. The pros and cons will therefore have to be weighed in this regard.

For more information on all of the above and our fees for acting on the same please do not hesitate in contacting our property department on 0203 475 4321.

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