Re-mortgaging is where you pay off the mortgage on your property using the proceeds of a new mortgage, either from your existing lender or a new one.
Put simply, it’s the process of replacing your mortgage contract with a new one, and it’s something the specialists at Adams Law have plenty of experience in.
Why re-mortgage your home?
People re-mortgage their properties for a number of different reasons, and depending on your situation, it can be a great move to make.
Finding a better deal
You may find that, due to increasing competition in the mortgage market, lenders are offering lower interest rates or better deals that weren’t available first time around. With the potential to reduce your monthly payments, you could unlock more money to spend elsewhere.
A new type of mortgage
Others simply want to change the type of mortgage they have. You might, for example, want to switch from an interest-only mortgage to the safety and security of a straight repayment agreement. You also have the option to switch between fixed-rate and variable mortgages, depending on your preference.
Choosing a fixed-rate mortgage is a great way to protect yourself against future rate rises that could be sparked by changes in the UK’s economy.
Releasing equity
If you’ve built up equity in your home, re-mortgaging is a great way to unlock a little extra spending power. Many people choose to do this so they can reinvest the money back into their property through an extension or major home improvement project. Others use it as a way to better manage other debts, perhaps by paying off loans that have higher rates of interest.
We are your experts
Whatever the purpose of your re-mortgage, Adams Law are here to help.
We pride ourselves on our highly professional, effective and friendly approach. Having spent more than two decades providing legal services to individuals and businesses across the UK, we have the knowledge and experience to ensure all of your re-mortgaging needs are met. Our long list of satisfied customers is evidence of our success.
Re-mortgaging can be a complex and daunting process, but we’re on hand to guide you through each stage of the process, from the initial decision through to the completion date, ensuring everything goes without a hitch.
“We are happy to give you initial advice to help you understand the implications, the procedure and the best course of action – and depending on the case, the first consultation is often free.”
Contact Adams Solictors - Re-mortgaging your property, Property Lawyers London
To discuss re-mortgaging your home with the team at Adams Law in Whitechapel, East London, please contact us today on 0207 790 2000. We will respond the same day to arrange an initial consultation, so we can get to know you and you can get to know us and find out exactly what we will do to help you buy or sell your home, or both. We are there to help you every step of the way, and we are confident that with the breadth of our knowledge, experience and professional expertise, you will be delighted with our service. We look forward to hearing from you.