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Re-mortgaging your property today is as popular as it ever has been, if not more so. Whether you wish to raise money for that special purchase, build an extension, or possibly help out a loved one who is trying in turn to get on the property ladder, re-mortgaging your home is often a quick and easy way of releasing capital. With interest rates today at an all time low, this makes it much more attractive for the homeowner to release that capital without having to pay through the nose for it.
With property values continuing to increase, accessing some of the capital can be attractive. We act for many clients who are taking advantage of this to obtain a better fixed rate, or achieve a better rate of interest due to a change in circumstances since your original purchase. With your monthly mortgage payment often being your single greatest expenditure, cutting it’s cost is likely to be your biggest single money saver.
At Martin Tolhurst, we will do all we can to ensure that your remortgage transaction is completed as soon as possible. Provided your mortgage lender is prompt in issuing the mortgage offer and does not have any particularly onerous requirements, then remortgage funds can often be available within a matter of a weeks. With our streamlined processes and online case tracker, you can keep up to date on a daily basis with progress on your remortgage. You will also have the benefit of direct email or telephone communication with your conveyancer from the very beginning of the transaction to the very end.
Usually, it will not be necessary for searches (Local, Drainage and Environmental) to be carried out on a remortgage transaction, which will make the process much less expensive to you and will also speed up the formalities. The vast majority of lenders do not require such searches but there are, however, a few that will and will not rely upon any separate insurance that may otherwise be available. If that is the case, then searches will be submitted at the earliest opportunity and the costs will be shown on our completion statement to you.
Our procedures are thorough and robust and will include checking your deeds and carrying out all relevant Land Registry searches. Once your mortgage offer has been received from your lender, we will send to you the Mortgage Deed for you to sign and we will explain the terms of your mortgage offer in detail but without the use of legal jargon. At Martin Tolhurst, we endeavour to keep things as straightforward as possible and to the point and we believe that this is exactly what our clients are looking for.
Our remortgaging process is conducted quickly over the telephone, by internet and by email and with constant backup and advice provided throughout. There will be no need for you to visit our offices unless you wish to do so and our aim is quite simple, complete your remortgage transaction as quickly as possible and ensure that the capital which you are obtaining from the remortgage process is available to you at the earliest opportunity, often on the day of completion of the remortgage itself.