If you’re looking to remortgage your home, you might be thinking back to when you first obtained a mortgage and wondering if you need a solicitor again.

The good news is that you don’t always need a solicitor for your remortgage. 

If you’re staying with the same lender and you’re simply selecting a new remortgage deal, then you won’t need a solicitor (as this is known as a product transfer). 

You also won’t need a solicitor if you need to borrow extra money from the same lender. 

You'll need a solicitor if, for instance: 
 

  • You need to remove someone’s name from the remortgage
  • You need to add someone’s name to the remortgage
  • You choose to remortgage with a new lender
  • You need to use the money from a remortgage to purchase a new property

A lot of companies who offer remortgages now provide a solicitor for free, which is usually marked as "free legals" on the product -- not all, though, so check before you submit an application.

A remortgage broker will be able to discuss your options with you and highlight any remortgage deals that offer free legals. John Charcol Legal can help you find a conveyancer to help with the remortgage process.

How Long Do Solicitors Take to Remortgage?

Your solicitor will take between 4 - 8 weeks to complete your remortgage if there are no complications along the way.

Buying a home

Do I Need a Valuation for my Remortgage?

Yes, you do need a valuation with a remortgage, but it differs slightly depending on if you stay with your current lender or if you change to a new remortgage provider. Read our comprehensive Guide to Valuations.

If you stay with the same lender, they may use an automated valuation model (AVM) to determine the value of your house, which can be quite quick. This model needs a good amount of recent sales data for houses in your area, which will determine whether it’s used or not. 

If you change to a new lender, they might use an AVM or a qualified valuer to look at the market value of your house.  As with "free legals" you can obtain a "free valuation" with some new remortgage products, but it’s important to check. Checking the fees, cost of borrowing and any other incentives like cashback is essential to be able to properly compare different remortgage deals. 

The reason why you need a valuation for your remortgage is because the company lending you the money needs to understand the risk (amount you want to borrow) in comparison to the value of the house. As you would expect, low risk would be a small amount of money borrowed against a house that’s worth four times that amount. High risk would be the opposite. 

Your level of risk determines whether you can apply for certain remortgage products. You can see this by looking for "minimum loan-to-value (LTV)". 

Here’s an example: 

  • House value: £200,000
  • Amount to borrow: £150,000
  • You have a 75% LTV

Do I Need a Deposit for my Remortgage?

You need equity to obtain a remortgage as opposed to a deposit, which you’d have required when you obtained your first mortgage. 

Unlike a cash deposit (money in your bank), equity refers to the amount of your property which you own (without debt) as part of the total value of your house.

As above, this refers to how much you’d like to borrow in comparison to the value of your property (LTV).

You do have the option, however, to pay off some of your mortgage when remortgaging, so if you’ve managed to save a little, it’s worth discussing this with a remortgage adviser. 

Paying off some of your mortgage can mean that you pay less interest (cost of borrowing) over time and may even pay your mortgage off a little earlier.

Do I Need a Survey for my Remortgage?

You may need a survey as part of any new agreement for a remortgage, but it’s less likely if you stay with the same lender. There are many types of survey, each with a different level of detail. 

The company lending you the money will read your description of the age and type of house and that will determine the type of survey (along with the construction material). A remortgage lender will consider some construction types as riskier than others when it comes to letting you borrow money. 

Do I Need a Mortgage Adviser for my Remortgage?

It’s strongly advised that you talk to an adviser about any new financial agreements concerning your property. 

Any decision that concerns money needs careful consideration and you’ll need to understand all the facts and what options you have.

If we take some of the above examples, a remortgage broker will understand: 

  • Your finances and current circumstances
  • Whether you need a solicitor or valuation, and which products offer "free legals and valuations"
  • What equity you have and be able to calculate your LTV to see your options
  • What the total cost of borrowing will be and whether a remortgage product is actually the best deal for you

To get in touch with one of our expert advisers, call us today on 0330 433 2927 or enquire online.

Remortgages

Compare remortgage rates and deals with our mortgage comparison tool and discover how this type of mortgage works, the process and if it’s suitable for you.

Debt Consolidation Remortgage

On this page we go through debt consolidation remortgages, how they work, when you can do it, the pros and cons, which lenders are available and more.

Remortgaging Guide

Remortgaging means to switch to a new deal with a different lender but stay in the same property. Learn about remortgage costs, valuations and see our advice.

9 Reasons to Remortgage

Read our nine reasons why you should consider remortgaging your home. You can save a lot of money on remortgaging, so make sure you get the best deal.

Mortgage Glossary

On this page you’ll find our detailed mortgage terminology glossary. There’s a lot of jargon out there but we’re here to make it easy.

Home Insurance

Do you want new home insurance to go with that new mortgage? Our in-house team can arrange bespoke buildings and contents insurance to suit your new requirements, for free.

Learn More

Protection 

With John Charcol, you’ll have the option of speaking to your very own expert protection adviser who’ll learn about your situation and find the right cover for your needs.

Learn More

JC Legal

We can find you a solicitor to manage the conveyancing part of the process with JC Legal. We choose from an exclusive panel of carefully selected solicitors and conveyancers, saving you time and ensuring you receive excellent service.

Learn More

Equity Release

It’s easy to overlook your property as part of your finances, but your home is probably the biggest asset you have. Release money from your home with John Charcol's partnership with Key Retirement. Find out more and start the process today.

Learn More

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  • LocalBusiness
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    John Charcol (Shaahid main advisor) provided great advice and service throughout. They kept me informed and provided detailed guidance. Only downside was the mortgage provider who seemed inept... but the advisors at John Charcol conducted all the communications. Great company - will be happy to use again.

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    We’ve used John Charcol recurrently now for many years. Thankfully, the reason for our return is the absolutely brilliant Shaahid Quin. Honestly, he’s been there for us since the beginning of our first time joining John Charcol. He’s listened to our needs, and even offered us advice where many advisers don’t…, he supports us with our questions and no matter how silly they are, he understands completely where we are coming from and reassures us no end with clear, simple, no nonsense answers. I actually worry about not having Shaahid for our mortgage needs moving forwards, I hope he will always be around to help guide us and advise us and find us the right lender for our unique needs. Shaahid, never leave us!! I do not hesitate in recommending Shaahid or even anyone at John Charcol, for your mortgage needs. Thank you Shaahid for everything you’ve done for us, thank you for always being on hand answering our questions and alleviating our worries. We cannot thank you enough for getting us to a point of being able to move home! Best wishes Shaahid, and we’ll definitely be in touch in 4.5 years time in readiness for our remortgage!!

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    Verified Buyer

    I was looking for some quotes for income protection and life insurance in conjunction to my purchase of my first home. My friend recommended Ryan Goodall at John Charcol and I'm so glad I reached out to him. Ryan was extremely knowledgeable and was able to point out errors that another insurance broker had made when running quotes for me. Ryan was able to get me exactly the coverage I needed at affordable rates. If you're looking to work with an insurance broker with lots of experience I'd highly recommend you contact Ryan.

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  • LocalBusiness
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    Our process was anything but smooth and due to circumstances we had many attempts at various mortgage products. The only reason we were successful is because of the tireless work of Andrew Ireland our broker for John Charcol. Andrew worked on our behalf time after time and got us the results where others failed. Many many thanks and great to find a trusted advisor for the future.

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    Verified Buyer

    First time buyers and Lisa has been brilliant throughout - took the time to understand our situation and find the best solution, and even contacted us whenever a better deal became available. Super efficient and available whenever we had questions. Thank you also to Bilal who kept us updated every step of the way!

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    Our mortgage broker Indrit went above and beyond to secure us the best deal possible - without him we would not have been able to purchase our home. Our particular situation was somewhat complicated and Indrit was willing to think outside the box, taking a holistic approach to our household income and liabilities, in a way that allowed us to borrow the amount we needed to buy our dream home. We have used other mortgage brokers in the past, who simply ticked boxes and were unable to secure a deal that was better than what we could have secured ourselves online. Indrit was hard-working and skillful and we would highly recommend him!

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There are many valid reasons to remortgage. If you’re considering remortgaging your home but need help finding the right option for you, contact John Charcol. Our team of experienced mortgage advisers can recommend a range of remortgage options to suit you. Request a call back or call us on 0330 433 2927 to get in touch.

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