Remortgage Conveyancing Explained

Many homeowners could save money by remortgaging their homes and finding a better deal, but shy away from the process and the potential cost of remortgage conveyancing.

A recent study by Lloyds TSB found that homeowners wanted to save at least £171 on their monthly mortgage payments before they would consider remortgaging their homes.

In the long-term, however, any saving on a mortgage is worth considering - especially as firms offering remortgage conveyancing will often offer a set fee for this or a competitive price to make remortgaging more attractive and worthwhile.

A saving of £171 on your monthly mortgage payments equals more than £2,000 annually - a huge amount to expect.

Many homeowners could save as much as £1,000 on monthly mortgage payments if they remortgage, even if they end up paying exit fees. Shopping around for the best deal on remortgage conveyancing fees can also make a remortgage worthwhile. Buy to Let (B2L) remortgaging has hit an all-time high recently, with savvy homeowners cottoning on to the fact that mortgage payments can be reduced at a time when rents are spiralling upwards.

Statistics from the Council of Mortgage Lenders (CLC) have revealed that in the first quarter of 2013, B2L mortgages were up 4% - and the overall annual increase for 2012 was 30%. The CLC estimates that currently around half of all B2L mortgages are actually remortgages - meaning a boom in remortgage conveyancing also.

This in turn should lead to cheap remortgage conveyancing fees as conveyancing companies compete for a market share while the B2L remortgage bubble continues.

There are signs it is tailing off and of course, only half the remortgages are taken out by B2L homeowners, meaning many owner-occupiers are also seeking a favourable remortgage conveyancing deal.

The website MoneySaving Expert offers a free guide to remortgaging by fee free mortgage broker London & Country and estimates that reducing a £100,000 mortgage by just 1% could save a homeowner £60-80 per month.

If you opt for using an independent conveyancer for your remortgage offering a set conveyancing fee for a remortgage, this helps keep fees down.

Online conveyancers are now offering remortgage conveyancing - which can make the process cheaper and faster.

Many people considering a remortgage of their home will need the money urgently and therefore choosing an online conveyancer can help you reap the financial benefits of a remortgage quickly.

Finding a remortgage deal can also take a little longer than finding a first mortgage on a property and if you need to release equity quickly or want to make a saving on your repayments, choosing online remortgage conveyancing can help speed up the remortgage process.

If you are changing lenders, just as with conveyancing for first mortgages, a valuation is needed on the property to make sure there is enough equity, whether you need to release a lump sum or just want to cut mortgage repayments.

You may find however that your new buy-to-let lender or owner-occupier lender insists you use a company on its conveyancing panel, otherwise if you choose your own conveyancer you may end up paying two sets of conveyancing fees, including those of your new lender.

If you are remortaging with your existing lender, it is unlikely you will need conveyancing services as the loan or a smaller or larger amount usually is moved to a different product, although some fees will be involved.

It is always worth checking whether you could get a better remortgage deal elsewhere, even if this involves using a remortgage conveyancer, as in the long term you may save a substantial amount on your repayments.

Also, if you are changing to another lender, compare remortgage conveyancing fees before you decide to accept your lender's conveyancer, as a cheaper, faster deal may save you money on remortgage conveyancing, even if you do have to pay your lender's conveyancing fees.

Competition in the market means you should always try and strike a deal with lenders over fee for remortgage conveyancing and opt for set fees for covneyancing. Online conveyancing for a remortgage does not necessarily mean that the cheaper fees will provide a poorer service. Online conveyancing fees are cheaper because the process cuts out meetings, phone calls and much of the correspondence which used to be involved in the conveyancing process.

Always check the track record of any online conveyancer when you are mortgaging. Make sure the company has a traceable address, a landline number, named conveyancing staff you can contact if necessary, and is preferably accredited by the Conveyancing Quality Scheme CQS).Look out for this logo on the website or in the window of any conveyancing company you choose for your remortgage conveyancing.

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