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Legal focus: Remortgaging your property

Interest rates continue to be low and, for anyone on a variable rate mortgage, there may be the opportunity to switch to a fixed rate andtake advantage of the low rates currently being offered.

Typically, fixed-rate mortgages last between two to five years and agreeing a low rate could save you a significant amount of money and offer a degree of short-term protection. After the fixed-rate period your lender will usually place you on their standard variable rate (SVR), which can be much higher, so you need to check that the repayments on this rate will be affordable.

Your property’s value may have risen since you took out your existing mortgage so you may find you have lower loan-to-value rate and be eligible for much lower rates. It’s a good idea to do your own research on comparison websites but ensure that you use more than one site as their results may differ. It’s advisable to get specialist advice and an independent mortgage adviser will be able to provide in-depth knowledge of the market.

Bear in mind mortgage advisers usually charge for their advice. Some may be free to you but they’ll receive commission from the lender. They should tell you upfront how much you will pay for their services.

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