With a likely rise in interest rates to hit this week and with further increases expected by the end of the year, if you are not on a fixed-rate mortgage, it could be a good idea for you to consider Remortgaging now.
While it is impossible to determine what these increases will be, many experts believe a second rise to 0.50% from the current rate of 0.25% is expected in Spring 2022. It could also potentially hit 1.25% by the end of 2022. Therefore, if you are currently on a variable rate mortgage deal, your rate will increase in line with the Bank of England’s changes.
However, if you are Remortgaging to reduce your monthly repayments or lock in a better deal, ensure that your savings outweigh any early redemption fees, arrangement fees, valuation fees, and broker costs.
Do I need a solicitor when Remortgaging?
If your remortgage is with your current lender to either increase your borrowing or move to a new rate or deal, this will require no additional legal work. However, if you are changing lenders, you will need a regulated professional such as a licenced conveyancer, property lawyer, or solicitor to complete the legal work for you.
Furthermore, you should be aware of other situations where you will need to appoint legal assistance:
Adding someone to the mortgage – if you add someone else to the mortgage, such as a partner or friend, you will need to instruct a solicitor to change the property ownership. This is also known as ‘transfer of equity’. Transfer of equity requires a solicitor to amend the property deeds and help draw up paperwork that specifies how the property is owned between the parties.
Removing someone from the mortgage – if you are removing someone from the property ownership, as above, you will need a solicitor to help you amend the property deeds accordingly.
Fixed Price Conveyancing
If you need your conveyancing explained, Jarmans Solicitors can assist with your legal property needs, helping reduce some of the stress projected onto the property market since early 2020. Jarmans can assist with all aspects of residential property transactions, including freehold, leasehold, help to buy, first-time buyer and new builds.
Our fixed price conveyancing ensures complete price transparency, helping your peace of mind. To learn more about the factors that affect our pricing, click here.
Jarmans are full-service solicitors based in Kent, specialising in providing exceptional legal services to personal and commercial clients.
We understand that every case is different, so we provide a bespoke service to every client, ensuring we meet their specific needs. For assistance with your legal issue, do not hesitate to contact us on email us at firstname.lastname@example.org or make an online enquiry today.
To see our costs, you can use our handy conveyancing quote calculator.