Nationwide Building Society has stopped providing a free legals service for customers switching to the lender, preferring to increase its cashback incentive from £250 to £500.
Some conveyancers processing the free legals for the largest banks and building societies remortgage cases have been offering a poor service recently, and Nationwide has acted to withdraw the option altogether.
Aaron Strutt, product director at Trinity Financial, says: “Most of the lenders provide free legals or £250 cashback when you remortgage to them, so Nationwide’s £500 cashback offering is generous.
“Some lenders provide between £750 and £1,000 cashback on specific remortgage products, including Halifax, Chelsea Building Society, and Skipton Building Society.”
If you can find a conveyancing firm offering low fees to complete the legal work for remortgages, there is a chance you will have funds left over. For example, Trinity Financial regularly recommends Premier Property Lawyers and they typically charge £300 to complete the remortgage work for freehold properties.
Nationwide pulled its free legal service with effect from 13 July 2017, and confirmed the move would not affect property valuations or pipeline cases.
For help to remortgage to a new lender call Trinity Financial on 020 7016 0790.