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Free legal fees or cashback – what’s right when you decide to re-mortgage?

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Category: News
03 May 2019

There are many reasons for deciding to re-mortgage your property including that your existing deal is coming to an end, you are worried about possible interest rate rises, you wish to repay part of the existing borrowing or the value of your property has increased and you would like to borrow more.

Before progressing with any mortgage application, you should always consider the cost of doing so. Typical costs may include arrangement fees, legal fees, admin fees and a valuation fee. It would also be prudent to consult with an independent mortgage broker to ensure that you compare all of the offers available from different mortgage providers as opposed to simply those with your existing mortgage lender.

Lenders have for many years offered a free legal package on re-mortgage transactions. Whilst there is a clear benefit from free legal services, such packages have been criticised for leaving the mortgage borrower with no choice in the conveyancing firm that they have to work with and no control over the quality of the legal advice or the level of customer service provided.

Over the past 12 months mortgage lenders have increased the number of cashback mortgages that are available. The cashback sum is refunded to you on the completion of the mortgage application. Cashback sums range from £250 but can be as much as £1,000 and that cashback payment will allow you to cover the cost of an independent solicitor who would charge for the legal services. This means that a mortgage borrower can return to their own local solicitor and be in full control of the re-mortgage transaction from start to finish.

Here at Paris Steele we offer a highly competitive fixed fee re-mortgage package for both our existing clients and for new clients and details of our re-mortgage service can be found at

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