Re-Mortgage

AR Mortgages could save you money. Would you like to pay your mortgage off earlier? Gather funds for property improvement? Or possibly reduce your mortgage payments? If this is the case, a re-mortgage may be the resolution for you.  

We provide a free review based on your ever changing circumstances and discuss broker exclusive products that are available. We meet all our clients at a convenient time and in a way that is most suited to them (at their own home or over the phone).

Re-mortgaging is the process of moving your current or existing mortgage on your property to another lender, or even get a better deal with the lender you already are with; all you are doing is moving the money to a lender that offers the best rate or deal for your individual circumstances.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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The three common reasons for a re-mortgage are

The three common reasons for a re-mortgage are

  • Securing a better deal
    Depending on the mortgage it may be possible to gain a more favourable rate of interest which will either save on the monthly payments or reduce the term and pay of the mortgage quicker.
  • Protection Against Rate Rises
    Currently we are at a period of low interest rates but when will this period end? Many of us are worried about the rate rises in the short to medium term, by re-mortgaging this allows you to secure a rate and monthly payment which will not increase during a specific term thus allowing you to plan monthly budgets for the forthcoming years.
  • Releasing Equity
    If you are fortunate to have built up equity in your home, a re-mortgage can be an attractive option, rather than taking out at an unsecured more expensive loan which may have higher rates of interest.

Your home is important to you-you must think carefully before securing debts against it. Your home maybe repossessed if you do not keep payments on the mortgage or any other debt secured on it.

TEL: 01257 441580

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Case Study

Re-mortgage of family home on interest only terms after divorce

A local businessman approached us for help as he was looking to re-mortgage his home after recently getting divorced from his now ex-wife.

Instead of splitting the equity in the house, the couple had agreed that the husband could have the house and he would re-mortgage it in his sole name and pay the agreed settlement to his ex-wife using money he had built up in savings.

The client had originally approached his existing lender directly for a re-mortgage on interest-only terms but had been declined due to earning insufficient income on his own to pass their affordability criteria.

The client is a high net worth individual and worried that he would be unable to obtain a mortgage by going directly to another lender, he approached us for help.

We took the case to an intermediary-only lender, which reviews client’s case by case and we spoke with the underwriting team and provided evidence of the client’s income and assets. To support the case, we were also able to provide evidence that the client’s student loan and car loan had recently been fully repaid; once this had been provided the lender issued a mortgage offer.

FAQ’s

How much can I borrow?

This will differ from lender to lender, some will use affordability calculators, whilst other lenders use income multiples. With an ever- changing mortgage market a lenders criteria will change, so we will need to review your circumstances to determine which lender will be best for you.

How long does it take to get an Agreement In Principle for a mortgage?

In most cases 1-24 hours. Once you’ve received an agreement, you’re ready to buy a property.

Explain the level of service that Alexander Ross Mortgages offers?

We’ll advise and make recommendations once we’ve assessed your needs. Everybody and each situation is different, but we’ve been through them all! Thriving economies, helping people with debt and CCJ’s, small business owners and we’re accomplished at helping our customers get the mortgages they need, in these tough financial times.

Is the lowest rate mortgage deal always the cheapest?

No, it’s not. When we’re recommending a mortgage deal, we’ll also look at the associated fee’s within the mortgage and build these factors in. We’ll give you the true cost of the deal. Our aim is to help you work though the benefits and drawbacks of all the deals on the table and work out the best for you.

How long will the buying process take, from placing a mortgage application, to getting our keys?

Well this will be determined by the property that you are purchasing. If you purchase a vacant property and you’re not in a chain, then it would be possible to get your keys within 4-6 weeks. However, if the property you’re purchasing is in a long chain, the process could take up to 12-16  plus weeks.

What else do I need to consider once I’ve had my mortgage agreed?

It is important to understand that this commitment is a serious one. You’ve made it for a variety of reasons, that other life factors may need to be taken into consideration. Your need for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance and Private Medical Insurance. All of which can be discussed in detail and can easily be arranged for you.

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