Research by data analysts CACI has estimated that the UK remortgage market could be worth in excess of £180bn this year, meaning remortgage opportunities for lenders of £15bn to £20bn per month, with some months peaking at £30bn to £40bn of mortgage business.
Needless to say, lenders are increasingly aware of this and
One of the ways used to do this is to offer incentives and make it easier to remortgage by offering free legal services for the mortgage transfer and conveyancing. This is clearly attractive as the hassle of finding a solicitor is taken away from you.
Downside to Free Legal Services
The legal teams of larger lenders may be extremely busy or inundated with works meaning your remortgage may be delayed or take much longer.
Free legal services are paid for by the lender but it tends to be administrators or legal executives of the firm that handle your case rather than a solicitor.
Cash Back Deals
By selecting a cash back deal this may enable you to use your own preferred team of legal advisers meaning a more personal service or indeed you may already have a good relationship with your solicitor.
You own legal adviser must be on the lenders ‘panel’ of approved legal advisers. It is extremely like that they will be on panel but sometimes they are not.
In addition, you should be aware that the deal, whether it is ‘free’ legals or cash back, this will be prices into your interest rate, so it may even prove beneficial to secure the most competitive deal that offers no incentives but does offer the lowest rates or application fees.
You should take remortgage advice.