Re-Mortgage

If you are wondering if now is the right time to re-mortgage, Alder Rose can help you to make that decision.

Call us on 0161 6606458 or fill out our contact form

Re-Mortgage Your Home in Cheshire

Re-mortgaging is the process of switching your existing mortgage to a new deal, using the same property as security. You can re-mortgage with the same lender or a different provider. This is not to be confused with moving home and your new mortgage will still be secured against your existing property. 

Quick and Easy

Our simple process will save you time, and more importantly money

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One

Pick up the phone and talk to one of our experts so they know precisely what you need

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Two

We’ll provide the best advice when it comes to the many products that are available, so it’s right for you

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Three

We’ll be with you at every stage of application from day one until you complete

Why do people re-mortgage?

There are a variety of reasons as to why people re-mortgage their homes:  

Want a better deal: 

your current deal could be coming to an end – most fixed rate mortgages last between two to five years before they become a standard variable mortgage. You may want to find better interest rates or perhaps start to overpay to pay off your mortgage quicker and your lender won’t let you. 

Access to a sum of money: 

Some people re-mortgage their property to get access to a sum of money (equity) – you could potentially free up cash to pay for an extension to your home, for example. But by increasing your mortgage, remember you’re likely to increase your monthly payments. However, depending on your age you might be able to increase how long your mortgage lasts (the term) to balance this out.

 

COSTS INVOLVED

There are usually some costs involved when switching your mortgage:

An arrangement fee paid

Potential valuation

Legal fees

Possible exit fee

Our experienced mortgage brokers can check the ‘whole of market’ for deals which have low or sometimes even no set up costs – as part of our advice, we always check that any new deal is worthwhile based on both the interest rate and any fees involved.

Don’t assume that you’re free to leave your current deal whenever you want. You may be tied in with Early Repayment Charges (ERCs) and these can be costly. Check with your current lender whether you have ERCs, how much they are and when they end.

You will need a solicitor to carry out a re-mortgage for you. Most lenders offer this as part of a ‘re-mortgage package’ or they will provide cashback for you to arrange your information. We can explain this in more detail during our initial meeting.

SUBMITTING YOUR APPLICATION

We will complete a fact find where we will take into account your income and outgoings and complete a mortgage calculator with you. This will allow us to ensure the mortgage is affordable now and in the future.

Once we’ve researched everything for you, found a good deal and you’ve decided that a new mortgage is right for you, it’s then time to submit your application.

Before you do that, we’ll send you a Key Facts Illustration (KFI) for the deal we’ve recommended which sets out all you need to know about the mortgage, what it costs and what fees are involved.

When you are ready to go ahead your broker will ask you to provide documentation which is required by the lender to assess your application.

We’d love to hear from you

Our dedicated Mortgage Case Managers will then assist you all the way through to completion of your re-mortgage.

Where to Find us

If you prefer to meet us in person, feel free to pop in for a chat. They’ll be a lovely brew waiting for you.

 

31-33 High Street, Frodsham, WA6 7AJ

 

mortgageadvice@alderrose.co.uk

 

0161 6606458

 

Mon – Sat: 9am to 5pm

Alder Rose Mortgage Services LTD is an appointed representative of Legal Webb UK LTD which is authorised and regulated by the Financial Conduct Authority no, 734694. FCA does not regulated some forms of Buy To Let Mortgages. This sites is intended for UK customers only. Company Registrations no, England and Wales 11443964.