"Last year was challenging for both prospective and existing mortgage borrowers, facing affordability issues resulting from rising interest rates and inflation."
- Tina Khanna, conveyancing director at RG Law
To help reduce the cost of remortgaging for homeowners in 2024, RG Law has launched a new ‘all inclusive’ Rapid Remortgage pack for freehold and leasehold properties.
Both the freehold and leasehold remortgage packs include the necessary legal documentation including the title deed; bankruptcy search fees; land registry fee; ID checks; bank transfer fees; search indemnity fee and an AP1 fee. The leasehold pack only includes an additional fee to obtain the relevant management pack(s).
RG Law’s remortgage team aims to turnaround a freehold remortgage within seven to fourteen days.
Recent research from UK Finance reveals that internal product transfers reached £219 billion in 2023, an increase of 11% year on year, while external remortgaging dropped 21% year in year to £65 billion.
Tina Khanna, conveyancing director at RG Law, commented: “Last year was challenging for both prospective and existing mortgage borrowers, facing affordability issues resulting from rising interest rates and inflation. Unrelenting house price rises have compounded borrowing issues, resulting in a squeeze on house purchases.
“We have developed the new Rapid Remortgage package to make the legal process for remortgaging freehold and leasehold properties more affordable. The new packages are priced at £500 all-inclusive of VAT for a freehold remortgage and £685 all-inclusive of VAT for a leasehold remortgage.
"Our aim is to make the remortgage process as simple as possible and offering our services for a competitive ‘all inclusive’ rate will help reassure our customers that this package covers all the legal work involved. Simplicity is at the heart of this concept and we hope this speaks to the majority of our customers.”
