Mortgages and Remortgages

If you’re buying a house or just looking for a better deal on your current house, our specialist mortgage solicitors can provide straightforward legal advice so you know your options.

Whether you’re a first-time buyer or have completed the buying process a few times over, mortgages and remortgages can be arduous and complicated.


Seeking professional help from an experienced mortgage solicitor will help you get the best deal and ensure the process is completed as smoothly and easily as possible.


At Slater Heelis, our residential property team have years’ worth of experience and will guide you through the whole process.


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When buying a house, most people will have to take out a mortgage. A mortgage is a loan that is borrowed from a bank or building society and paid off over a number of years. This means that you are able to buy a house without having to pay the full amount of money upfront.

Each potential homebuyer’s circumstances will be assessed when applying for a mortgage to ensure that regular repayments at a fixed price are realistic and affordable.

How does a mortgage work?

You pay a deposit on the house, usually at least 5% of the cost of the house, and then borrow the rest. You pay this off each month along with interest to the mortgage lender. The greater deposit you can save up, the better the interest rates offered on mortgages.

If you fail to keep up with your mortgage payments, your house could be taken away to cover the costs.

What are the two main types of mortgages?

When buying a house, there are two main types of mortgages.

1. Fixed-rate mortgages

With fixed-rate mortgages, the amount you pay each month is fixed regardless of movements in interest rates in the market. You’ll be tied into this interest rate for a number of years, and when this time comes to an end, you will usually move to a standard variable rate (SVR), unless you remortgage. The SVR is usually higher, which would mean larger repayments.

This type of mortgage can provide buyers with the peace of mind that their repayments within this period will not change. However, it also means that if interest rates fall, they won’t benefit. Fixed-rate deals are also usually higher than variable-rate mortgages.

2. Variable rate mortgages

With variable-rate mortgages, the interest rates can change at any time. Sometimes this means it decreases but sometimes it increases. For this reason, it is important to ensure you have savings for any fluctuations.

This type of mortgage can be worrying for a first-time buyer, but it is important to note that it is possible to leave the mortgage at any time.

Seeking the guidance of a mortgage advisor can be crucial both in understanding how mortgages work and the risk associated with them.


The process of moving your mortgage to a new provider is called remortgaging, and when done right, a new mortgage can reduce your monthly repayments and save thousands over the long term.

When you initially took out your mortgage, you may have had a good deal. However, if interest rates have changed or you’re faced with the prospect of moving onto your lender’s standard variable rate, you may be able to find a better deal elsewhere. As such, it is very common for people to seek out the best new mortgage deals available at the end of a fixed-rate term when they have a lower loan-to-value ratio.

Remortgaging your property comes with much of the same legal processes as when you initially bought your home. Our remortgaging solicitors can handle all of this for you and can put you in touch with recommended mortgage advisors or brokers should you wish to speak with an expert before doing anything.

If you opt for a new mortgage deal through the same lender you are already with, you may not need conveyancing services. If, however, you move to a different lender for a better deal, you will most likely require a solicitor to manage the legal side of things.

Look at the information available on Money Saving Expert to receive impartial consumer advice on whether you should remortgage.

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