By Frances Traynor
19th October 2017
Tue 17 Oct 2017 by Frances Traynor
More home owners than ever are re-mortgaging their homes rather than moving, according to new research. In August, 37 percent of all valuations in the UK property market were re-mortgages, the highest in more than a decade.
The increase in those staying in their property but shopping around for a better mortgage deal is driven by competition in the lending market and also by concern than any interest rate rise will have an inevitable knock-on effect on historically low mortgage rates.
Inking a new deal with a better rate in place for the next three or five years is clearly appealing to many home owners.
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In its September market comment, the Council of Mortgage Lenders, representing 95 percent of mortgage lending in the UK, said: "On the re-mortgage side, strong competition and low funding costs has meant a growing number of home owners are taking advantage of the near-record low mortgage rates.
"We expect more home owners to refinance in the coming months, as prospects of the first interest rate rise in over 10 years gains new impetus."
Perhaps you're thinking of changing your mortgage deal and are shopping around the best finance.
Well, Homeward Legal is the perfect place to start. Mortgage lenders will only deal with solicitors and conveyancing solicitors who are on their lending panel. Homeward Legal are on all lender panels so there will be no barriers or unnecessary delays in your Homeward Legal solicitor handling your re-mortgage.
While a re-mortgage might not require every element involving in a from-start conveyancing process, the lender may require local authority searches to be carried out, while your solicitor can recommend specific searches as an alternative that can save you time and money. Your solicitor will be able to offer advice on what each lender requires and advise on the right route for your situation.
All the solicitors on our nationwide panel are experienced in the re-mortgaging process and acutely aware that speed is of the essence in processing these applications. Just because you are already living in your home doesn't mean you want to dally on getting your new mortgage in place. In fact, the quicker the process, potentially the better the deal and mortgage rate you can secure.
Homeward Legal helps thousands of home owners re-mortgage every single year, dealing with all the legal formalities and necessities quickly and professionally. Get a no-obligation quote now by calling 0800 038 6699 or get on your way to a better mortgage deal here.