What is Refinancing?

When you borrow money to buy a property, you (the mortgagor assign your title to the property to the lender (the mortgagee) as security for the loan. You still own the property, and your name remains on the Certificate of Title. The mortgagee is also named on the title and has first call on funds from its sale. If you don't make loan repayments, the mortgagee can take it over, sell it, and keep the money to repay the loan, repaying you the surplus if any.

You may later want to change these loan arrangements, and this involves some legal work.

For example:

Another lender may offer you a better deal. If you accept the deal, you will pay out the original loan with the money you have borrowed from the new lender. This is called refinancing the loan. You will need to transfer the mortgage to the new lender.

Your property may grow in value and you want to borrow more money on it. Even if you stay with the same lender, you are still refinancing the loan and need to change the mortgage. (If you are staying with the same lender, you may not need to do much legal work--check with your lender.)

You may want to pay off the loan altogether and discharge the mortgage.

See our Products pages for information about our refinancing kit. This enables you to do refinancing without employing a solicitor.

What is Refinancing?

When you borrow money to buy a property, you (the mortgagor assign your title to the property to the lender (the mortgagee) as security for the loan. You still own the property, and your name remains on the Certificate of Title. The mortgagee is also named on the title and has first call on funds from its sale. If you don't make loan repayments, the mortgagee can take it over, sell it, and keep the money to repay the loan, repaying you the surplus if any.

You may later want to change these loan arrangements, and this involves some legal work.

For example:

Another lender may offer you a better deal. If you accept the deal, you will pay out the original loan with the money you have borrowed from the new lender. This is called refinancing the loan. You will need to transfer the mortgage to the new lender.

Your property may grow in value and you want to borrow more money on it. Even if you stay with the same lender, you are still refinancing the loan and need to change the mortgage. (If you are staying with the same lender, you may not need to do much legal work--check with your lender.)

You may want to pay off the loan altogether and discharge the mortgage.

See our Products pages for information about our refinancing kit. This enables you to do refinancing without employing a solicitor.