Are you remortgaging in 2024? Here’s what you need to know…

If your mortgage deal ends within the next six months you might be looking to remortgage. You might be thinking about taking advantage of better interest rates, looking to release equity for alternative investments, or hoping to fund a few home improvements that will enhance your property value.

We know from first-hand experience that there are lots of questions people need answering and having valuable information at the ready is key to making the process as smooth as possible. Understanding what, when and why, gives you more time to adapt to changing circumstances and can make your money go further.

So, if you are looking to remortgage right now, or in the short-term future, here are a few things to think about.

Should I consider remortgaging?

Yes, if your current deal is about to end or you’re looking for a better rate. As interest rates gradually decline, following a spike in August 2023, we’ve noticed a surge in multiple mortgage offers being issued during purchase and remortgage transactions.

This trend enables clients to secure the best possible rates before completion. So, if you’ve already had an offer issued at a higher rate, your broker may be able to help you get a better one, putting you in a much better financial position.

Is now a good time to remortgage my house?

Mortgage rates are anticipated to continue dropping to an average of 5% this year, according to predictions from the Property Checklists at the Conveyancing Association Annual Conference 2024. If this is a lower interest rate than you are currently subject to, this coming year may present the opportunity to remortgage and secure a better rate.

How long does it take to remortgage your house?

The average turnaround for a remortgage can be remarkably swift, ranging from 2-4 weeks from the date the offer is issued. However, this timeline depends on factors like legal title complexity, the need for lender reports, and whether the lender opts for search indemnity insurance or requires property searches. If that’s the case, then it might be 4-8 weeks.

Do you need a solicitor to remortgage your house?

While some lenders offer in-house services, our recommendation is to enlist an independent solicitor. This approach will ensure a more efficient completion process, particularly given the potential delays associated with high-volume transactions carried out internally by lenders.

If you’re thinking about remortgaging and want smoother process, MSB Solicitors is here to help you every step of the way. Get in touch.