Switching your mortgage
Many property owners see the value in saving money on their current mortgages by switching banks or re-mortgaging their property. Switching your mortgage means taking out a new mortgage with a new bank and using this money to repay your existing mortgage.
Competition is fierce between the banks with many banks offering cash back and others offering to pay a contribution towards the cost of switching. In many instances, the costs of switching (including your legal costs) are covered by the new bank. The common reasons to switch your mortgage include reduced interest rates (thereby saving your money over the longer term), renovations or extensions and equity release.
Roe Solicitors can guide you through the switching your mortgage process and quickly complete all the conveyancing work for you. The work typically includes requesting your title deeds or documents for your house from your current bank. This is the bank who you have your current mortgage with. Once received, we will review the title deeds to ensure everything is in order. We will deal with your new bank and or mortgage broker on your behalf. When we receive the mortgage money from your new bank, we will pay off the current mortgage on your property with the money and then register the new mortgage in the Property Registration Authority. When the registration of your new mortgage is complete, we are required to return your title deeds to the new bank for safekeeping.
- Costs and outlays in remortgaging your house
- How to switch your mortgage
- Can you get a mortgage on auction properties?
WHY CHOOSE ROE SOLICITORS?
We have extensive experience in dealing with all matters relating to switching a mortgage. We keep you informed at each stage of the process to ensure the transaction runs as smoothly and efficiently as possible. If you’re looking to discuss your equity release options with an experienced solicitor, get in touch today.
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