Remortgage - legal advice

missnippy

Hello,

My fixed rate deal is due to end in March, and I'm considering whether to remortgage or go onto the bank's SMR. If I remortgage either with my existing provider or a new one, do I need to retain a solicitor and/or get another valuation?

Sorry if it's a bit of a stupid question, but it's my first mortgage and first time remortgaging so I'm a bit clueless

Thanks!

Trying_to_be_good

If you re-mortgage, i.e. go to a new lender, you'll need a solicitor. Some products offer fee-free legal for simple re-mortgages.

If you stay with your own lender, usually no solicitor as they already have their legal charge on your property.

kingstreet

Your existing lender may offer you a product transfer or customer retention product in the jargon of the industry.

Such an offer will not involve legal costs, but you may wish to have a valuation carried out if it gets you a better product because your loan to value has improved.

You may feel you wish to take a product with a fee, if the rate is better and makes the payments low enough to repay over the period of the offer.

Remortgaging to a new lender may be the other option. Here, legal work is required, but many lenders off free legals and a free valuation as part of the deal. Again, the new loan to value may mean a better rate, as may a product fee.

dimbo61

If you want any VIEWS on your mortgage a little more info may well help!
LTV, what rate will you move onto in March?
Income and debts other than mortgage?