Re-mortgaging your home
Re-mortgaging is a common financial transaction that homeowners can undertake for various different reasons. If you decide to re-mortgage, we may be able to assist you at Andrew & Andrew, when you engage us as your conveyancing solicitors in Portsmouth.
Andrew & Andrew are experienced in the process of conveyancing for re-mortgage. This typically involves administrative processes and financial transactions. We can also assist in more complex cases, such as when a re-mortgage ties in with a divorce process where one partner is buying out the interests of the other in a house they used to own together.
Our team offers a broad range of services, from family law to acting as conveyancing solicitors in Portsmouth. This means we can often see the far-reaching implications of a move like re-mortgaging.
Why might someone re-mortgage
Just some of the reasons to re-mortgage might include:
- to get a better deal and lower repayments
- to make home improvements
- to consolidate debt
- to release equity in the home.
The first motive on the list is often cited when an existing deal comes to an end and the borrower is looking for a new and favourable rate. This can happen several times over the life of a mortgage. They could also be looking to extend the term of the mortgage to spread, and therefore lower, the repayments.
The next two are to access funds tied up in the home for a specific purpose. If someone wants to re-mortgage to fund another project, the bank will want to know what this is going to be and the reason may influence their decision.
The last of these is a more complicated issue than the others and invariably involves more detailed discussion about the options involved. This is a process that is typically undertaken by retired persons who are looking to increase their income or level of financial comfort. It can often mean that a house no longer legally belongs to the occupants and that it cannot be inherited by their descendants therefore it is serious undertaking that needs careful consideration.
When Andrew & Andrew act as your conveyancing solicitors in Portsmouth, we can explore the various options with you.