Remortgage Pricing
Why Consider a Remortgage?
Are you considering a remortgage? Understandably, pricing is a key consideration. We understand that remortgaging can be a confusing, and sometimes overwhelming process, and we are here to provide clarity and support throughout.
Many people want to remortgage for various reasons. Some of the common motivations include:
- Securing a low interest rate
- Consolidating debt
- Funding home improvements
- Releasing equity
Whatever your reasons, understanding the potential benefits and costs associated with remortgaging is crucial, and we are here to provide the advice you need to make an informed decision.
Factors Influencing Remortgage Rates
Several factors can influence the remortgage rates for which you may qualify. One of the most important is your loan-to-value (LTV) ratio; mortgages with a lower LTV generally have lower rates than those with a higher LTV.
Rates can significantly impact the total cost of your mortgage and your monthly repayments. A lower interest rate can translate to substantial savings over the life of the loan, making it crucial to compare remortgage rates and deals. Other factors to consider include your credit score, income, and the overall state of the housing market.
Current Trends in Mortgage Rates
Mortgage rates frequently change due to various economic factors, so it’s essential to stay informed about current trends. Fixed-rate mortgages offer consistent monthly payments, whereas variable rates can fluctuate over time. We can provide you with up-to-date information to help you choose the best type of rate for your needs.
What to Expect During the Application
When considering a remortgage, the application process is an important step. Many lenders offer an Agreement in Principle, which provides an estimate of how much you may be able to borrow.
This initial assessment can typically be completed quickly and often does not impact your credit score. This allows you to explore your options and determine if you qualify for the mortgage amount you need.
When applying for a mortgage, be ready to provide detailed financial information. Lenders will evaluate your ability to repay the mortgage by reviewing your credit score. They may also ask for a valuation of your property to verify its current market value.
If you don’t qualify right away, we can offer guidance on how to improve your financial situation.
- Conveyancing Fee £795 + VAT
ID Check £25.00 + VAT (if we act for you on a sale and a purchase in a chain, we will only charge this once) - SDLT Admin Fee £50.00 + VAT (if required)
- Obtaining Official Copy of Title Deed £15 – £30 + VAT
- Same-Day Bank Transfer Fee (CHAPS) £45.00 + VAT
- Land Registry and Bankruptcy Searches £10.00 + VAT
- Subtotal of costs (average): £700 + VAT
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
If required, these costs are not included in our fees.
- Chancel Indemnity (up to £3 million of cover) £5.03
- Land Registry Fee (average cost, dependent on purchase price)
- Notice fees to pay freeholder/managing agent around £100
For example, if you are looking to re-mortgage a £170,000 property, the estimated total (including required disbursements/third party) would be around: £853.03 + VAT.
*There are a range of factors that could increase the cost of our service. For example;
- If we need to obtain Indemnity Insurance Policy (if required) £30 + VAT (Policy premium paid by client and varies based on purchase price).
- Digital signing of documents £4.58 + VAT
To receive a fully personalised quote, please complete our How Can We Help form to the right of this page, call 01202 315005 or email [email protected]
Although it may be tempting to borrow more than necessary, it’s essential to consider the long-term financial implications. Make sure you can comfortably afford the monthly repayments, even if interest rates rise. Using a mortgage calculator helps you to explore various scenarios and find the appropriate amount to borrow.
Remember, failing to make your mortgage repayments could result in your home being repossessed.
How We Can Help: Transparent Costs
We are dedicated to being transparent in all our interactions by providing a detailed and thorough breakdown of all potential fees and expenses related to your remortgage.
This ensures you fully understand what you are paying for and can accurately compare remortgage rates and offers. We clearly explain standard legal fees and inform you of any additional costs that may arise during the process.
We aim to offer reassurance and support, enabling you to make an informed decision about your remortgage. Our fees cover all work necessary to complete the remortgage of your property – let us help you understand your options and secure the best possible outcome.
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