What is a remortgage?

A remortgage is the process of switching your existing mortgage to a new deal, either with your current lender or a different one, without moving to a new property.

Why remortgage?

You typically remortgage when your current fixed rate ends and you switch to a new deal with a new lender. If your financial circumstances or needs have changed, you may choose to consolidate debt by borrowing more on your mortgage. Alternatively, you may choose to reduce your mortgage payments by paying off a lump sum for smaller monthly repayments.

Why do I need a conveyancer for a remortgage?

You won’t need a conveyancer if you’re simply switching to a new deal with your current lender and don’t need to change any details.

If you switch lenders, a conveyancer is needed to give your new lender the peace of mind that your property is a secure investment for their loan. It ensures there are no nasty surprises and legalises the mortgage against your property.

If you need to change the details of someone named on the mortgage whilst staying with your current lender, then the process is slightly different, so please look at our transfer of equity page.

What’s the process of a remortgage?

Remortgaging is a relatively simple process. We’ll do all the work behind the scenes, with just a few touchpoints along the way.

• First of all, we’ll send you a questionnaire to gather details about your transaction. This will make sure that we meet your expectations about the handling of any additional work. We’ll also request basic documents (ID, Proof of Address, Insurance) for essential checks. If you’ve already provided these to your broker, they can share them with us directly.
• Next, we’ll contact your current lender to get an initial Redemption Statement. This provides us with the figures we need to close your mortgage and ensure the numbers align with your expectations. Closer to the final switch date, we’ll obtain updated figures if necessary.
• We will then review your property’s title to identify any additional requirements for registering the new mortgage. This may include updating your name at completion or addressing a restriction requiring a Management Company’s consent for the remortgage.
• Once your new lender issues the mortgage offer, we will review it to check if they require anything else from you or us.
• You will be issued a mortgage deed – this is the legal document required to register the mortgage with the Land Registry. Depending on your transaction, you may sign a digital deed online via Gov.UK or a traditional deed requiring signatures and posting.
• Once everything is on file, we’ll review your case and schedule a completion date, allowing time for the lender to transfer funds. We’ll confirm the proposed date and provide an initial completion statement based on the current figures.
• Once we receive the funds from your new lender and, upon completion, we’ll transfer the necessary amount to pay off your existing mortgage with your old lender. Any remaining balance, after covering all bills, will be sent directly to your account.
• After completion, we will handle the registration of your new mortgage and remove details of your old mortgage from your property’s title.

Why choose ONP Solicitors?

We are digital where we can be, and personal when we need to be, enhancing the experience for you. Every client has access to our secure mobile app so you can see where your transaction is up to, 24/7. Equally, you can contact us by email or by phone during office hours.

Your dedicated property lawyer will reach out within 24 hours of your instruction. You can then contact them directly via the app, email, or their direct phone line.

Our secure app allows you to complete forms, upload documents, conduct ID checks, verify funds, and view important files. It also includes a messaging system and lets you track your case anytime. Using our app can reduce the transaction time by up to 30 days.

We’re proud to be entrusted with thousands of property transactions each year, ensuring efficiency and reliability in every case. Our proactive team keeps you informed at every stage, ensuring confidence and reassurance for a smooth transaction.

As our department continues to grow, we are committed to hiring the best talent in the industry, which is reflected in our impressive 4.7 Trustpilot score.

We are accredited by the Law Society’s Conveyancing Quality Scheme (CQS), reflecting the high quality of our residential property expertise, and as part of our commitment to offering exceptional service to our clients, we have also signed up to the Conveyancing Association Pledges.

How do I get started?

If you’re using a mortgage broker, they can obtain a quote from us in their usual way.

We partner with 8/10 major UK lenders and have direct contracts with top mortgage market lenders. If you or your broker choose a Fees Assisted Product, your lender covers basic legal fees as an incentive. In these cases, we may be instructed to act solely for the lender. Our strong commitment to customer service and experience with these lenders ensures a smooth, efficient process for you.

If you’ve found a deal and need us to act on your behalf, we’re happy to help. Simply request a quote below, and we’ll be in touch.