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Remortgages

Remortgage products are often available with free legal deals and free basic valuations.

With many remortgage products there will be two identical products one having free legal work and the other having £200 pounds or so refunded on completion.

It's important to remember that the free legal service will often be cheaper than using your own solicitor and receiving cash back;

however you may have your own reasons for using a preferred solicitor too. This could be a good idea where a remortgage is raising funds for simultaneous purchase.

Free legal work will usually only include the standard costs for a remortgage and if there is any change to the ownership of the property (known as a transfer of equity) then this will not be covered by free legal's.

Sometimes other disbursements may be charged by the solicitors upon completion if other non standard work is required.

An example of this could be a property that was not previously mortgaged needing land registry online registration.

When comparing a product with a refunded valuation fee against one with a free basic valuation it may be worth considering how close you are to the products loan to value limit.

If a remortgage product is suitable for a LTV of 75% percent and you're estimation of the property value is very close to this it may be worth selecting a free valuation product over a similarly priced product with a valuation fee in case the valuation is below the expected figure.

We would also look during the advice process to see if we could use a lender who would also be competitive at the next loan to value bracket as well in case the valuation came back lower than expected.

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