Mortgage Knowledge Base
When remortgaging you will apply for a new mortgage, with a new lender, that will be used to ‘repay’ your existing mortgage. This all happens on the same day and a Solicitor is needed to co-ordinate the movement of money.
When applying for a remortgage you have all of the normal mortgage options available such as:
- Mortgage term
- Interest rate: fixed, variable etc
- Repayment method
If you applied to borrow more money than you owe now the Solicitor will send this extra money to your bank account after the mortgage has been transferred. This is known as capital raising and some common uses for the money would be debt consolidation, home improvements or car purchase.
Our Guide to Remortgaging explains the process in more detail.
Can you remortgage to pay off debt?
What documents do I need to remortgage?
