Every homeowner sits on a pot of gold that sooner or later, they may think about cashing in. If you have considered a remortgage and been put off by not fully understanding how it works, whether it’s worth it or where to start, this article is for you. At Farani Taylor Solicitors, a top-rated London law firm, we are opening the doors to the remortgaging secrets every homeowner needs to know. Come in to get the inside scoop on how the experts unlock the value of their home so you can make a confident, informed decision for your future.
Good Things Come to Those Who Ask
When approaching a remortgage, many borrowers look at what’s on the market and take the products and deals verbatim. This is where it pays to be bold. Contacting the lenders directly and asking them if there are any discounts available or bespoke deals based on your credit rating and circumstances can sometimes bring benefits. As a leading property law firm, we know that sometimes it pays to ask. While it is great to do your research, remember communication is key when it comes to remortgaging. And start with speaking to your current lender, many banks value their existing clients and are willing to do what they can to look after them and protect the relationship.
The Early Bird Catches a Deal
With interest rates being so volatile, you may have come across a good product that expires before you have a chance to make a decision. If there is a rate that looks preferential or interest rates dip, do not sit on the fence. Call the lender and see if you can lock in the deal for a grace period while you decide. Some banks will honour the rate for a certain amount of time giving you security and time to ensure you want to go ahead with it. So even if your fixed rate is not set to expire for another six months or longer, it is never too early to get speaking to lenders or remortgaging conveyancers so that when you are ready, you can catch the deal.
Protection Matters
When it comes to your home, protection matters. Choosing the right conveyancing expert to handle your remortgage can play a big part in its success. A solicitor handles the legal aspects of the transaction and ensures the contracts reflect your best interests. Often slow communication and lack of preparation can mean borrowers miss out on great deals or endure unnecessary costs. At Farani Taylor, our leading property solicitors provide a personal, attentive service on all remortgaging transactions. Our prices are some of the most competitive on the market and we welcome all remortgaging enquiries with a complimentary intro call to discuss your needs.Â
Every Journey Is Different
The reasons you are considering a remortgage are personal. Not everyone is in the same position when it comes to considering releasing equity from their home. If you are looking to do some refurbishments, you may choose to wait a while for better rates. If you are looking to save on your lifestyle and reduce the costs of living, then switching to a more favourable available rate makes sense. Before committing, writing a list of your reasons for and against getting a remortgage and doing a careful calculation of the costs involved V money you will save can help you make the best decision for your journey.
It Never Hurts to Explore Your Options
Now may not be the right time to remortgage or you may be unsure about how and whether the process will save you money, that said it never hurts to explore your options. Speaking to professional lenders, doing your own research and discussing remortgaging with family, friends or a legal expert can help you get a clearer picture on whether it is the right thing for your finances and lifestyle. If you have any questions that we can help with, do get in touch. At Farani Taylor we are always a call away with calm legal advice to keep you moving forward.
The Key Highlights
Remortgaging can be a confusing process for many homeowners. Knowing where to start and how to get the best deal can keep many on the fence. Sometimes not every product is on the market and communicating directly with lenders (including your current lender) can be beneficial. It is never too early to start exploring your options and speaking to lenders, family or legal experts for advice on the process and fees. When you have enough information, making a list of costs and potential savings is helpful. Every journey is different, and ultimately only you can decide whether unlocking equity now could be the best move for your future.
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