What is remortgaging?
When it comes to remortgaging, we appreciate there’s a lot of information out there, so let’s keep things simple and start with the basics - how does remortgaging work?
Remortgaging is when you move from one mortgage deal to another one with a new provider.
When can I remortgage?
You can remortgage at any time, but this usually happens when your current mortgage deal ends. So, can you remortgage early? Yes, but most mortgages come with an Early Repayment Charge, so this is something to consider if you do want to remortgage before your deal ends.
How much could I borrow?
To help you find the right mortgage product for you, first answer a few multiple-choice questions in our mortgage product finder to get you started.
You could lose your home if you don’t keep up your mortgage repayments. The Skipton Home Conveyancing service, mortgage valuation and most Buy to Let mortgages aren’t regulated by the Financial Conduct Authority.
Frequently Asked Questions
This basically means that for some of our products, our Remortgage Conveyancing Service covers the cost of basic conveyancing work.
As a lender, we ask our conveyancers to act on our behalf to assess the legal title to the property and have the necessary legal documents prepared. The remortgage work is then undertaken by our conveyancers on a ‘reduced title check' basis.
Here are some options that are not suitable for our Remortgage Conveyancing Service:
- The current mortgage is compliant with Sharia law
- The property isn’t registered with HM Land Registry
- You are using the Help-to-Buy scheme and the equity loan is outstanding
- There is a Personal Charge in place on the property title, or one will be added
- Involvement of a trust
- The property is being inherited.
For some of our products, you may use our Remortgage Conveyancing Service, meaning we will pay for the basic conveyancing work. However, the conveyancer will only act for us.
If you choose not to use our Remortgage Conveyancing Service, you must choose your own conveyancer and pay for these services yourself. The conveyancer you choose will need to be on our conveyancing panel.
The fees paid by Skipton will cover the following work to be carried out:
- Obtaining and checking Land Registry information on the property
- Obtaining a redemption figure from your existing lender
- Set up completion and request your funds
- Update Land Registry with details of your new mortgage
- Buildings insurance checks in line with the Mortgage offer
- Enhanced identity verification and Due Diligence (Buy to Let only)
- Tenancy agreement checks (Buy to Let only).
There may be some extra legal fees that you will need to pay, such as:
- Transfer of surplus funds on completion
- Transfer of Equity (addition or removal of name on the property register)
- Help to Buy repayment
- Shared Equity/Shared Ownership work
- Handling notices/restrictions on the property register
- Satisfying requirements for Income Booster mortgage
- Dealing with third parties
- Dealing with additional land
- Request for outstanding balances for additional borrowing
- Postponement of a charge on the property register
- Satisfying Solar Panel Lease requirements
- Unencumbered properties
- Third party gifting funds.
You will receive a full list of additional fees from the conveyancer with the initial documents. They will also inform you of any extra fees that may apply later.
You may need work that our conveyancer cannot do, like where Power of Attorney or Grant of Probate are involved. In this case, you may need to hire your own conveyancer for the remortgage process.
If your remortgage falls through, you won’t have to pay standard legal fees. However, you may still need to pay third-party costs and extra fees for services not included in the basic legal fees.
Be aware that fees like deeds production, early repayment charges, or other administration fees from your current lender are not legal fees. These must be paid by you before or upon completion.
When we receive a remortgage application with a valid email address, it’s assessed, and the case is allocated to a panel firm. They will automatically email you inviting you to access the online portal where you can access the required documents early in the remortgage process.
The email may have been delivered to your junk inbox. If you don’t receive the email invite, you will need to check your offer to find out who your conveyancer is and contact them to confirm your email address and request for the email invitation to be re-sent.
We would encourage you to use the portal, as this can help speed up the conveyancing process. However, if you don’t provide a valid email address then you will not be invited to join the portal and the conveyancer will send an initial pack by post.
If you have provided an email address, but don’t want to use the portal, you will need to contact the conveyancer directly to inform them.
No, only you will be invited and be able to register to use the portal.