Re-Mortgages

Re-mortgaging your property means changing the mortgage by moving to a new lender.

There are a number of reasons you may want to re-mortgage, such as if you want to get a better deal, borrow more money, switch to a buy-to-let mortgage, or because of a change in circumstances (e.g. divorce).

If you don’t have an existing mortgage on your property, re-mortgage can also refer to taking out a mortgage for the first time.

Our residential conveyancing team have a wealth of experience in re-mortgages for clients. We will act for both you and your mortgage lender to deal with any of the mortgage lender’s requirements, and make sure that the process proceeds smoothly and quickly, and that you are kept informed and up to date.

Equity release

Equity release refers to a number of products and schemes that allow homeowners over 55 to extract a tax-free lump sum amount by releasing equity tied up in their property.

With an equity release mortgage, you would not normally be required to make any repayments and, provided you comply with the mortgage conditions, you will be allowed to live in the property for life.

Until the equity release mortgage is repaid, interest will be accruing. This means that the amount that eventually needs to be repaid could be far in excess of the sum originally borrowed. It is therefore important to discuss the equity release with your beneficiaries.

If you are considering an equity release mortgage, you will need to take specialist advice from a mortgage broker who deals with these products.

Whatever you are considering equity for, once you have chosen the best product for you, our expert solicitors will ensure that you are fully informed and that the process goes smoothly.

For further information, call 0191 212 8099 to speak to a member of the team.