Downton and Ali Associates – Private Clients - Mortgages - Changing MortgageChanging a Mortgage

If you have decided to change your mortgage to take advantage of new deals on offer, raise further capital or you’re simply unhappy with the level of service from your current lender, it is important you assess all the costs associated with making this change.

Downton & Ali Associates have access to a wide range of re-mortgage deals and some that provide free legal service, a free survey and no arrangement fees. You can be confident that when you change mortgage providers we will factor all the costs involved to ensure you get the best deal for you.

This site will help determine the options available to you and how to assess which mortgage is best suited to your needs and objectives.

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Capital Release

If you have equity in your current home, you may be able to release some capital for home improvements, debt consolidation or other personal means.

There are various methods of raising capital. You can obtain a 2nd charge or apply for a further advance. Alternatively, you could restructure your current mortgage to raise funds and take advantage of re-mortgage deals on the market.

Downton & Ali Associates will assess your property value and current mortgage balance along with your personal and financial circumstances to establish the maximum lending ability. We will recommend the best method based on interest rates and associated costs.

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Mortgage Deals

Changing your current mortgage is not just about finding a competitive rate. You need to research the costs involved with leaving your current lender as well as the set up charges and legal obligations with the new lender. All these need to be taken into consideration to calculate the benefit of re-mortgaging.

Downton & Ali Associates have access to the ‘whole of mortgage market’. Our consultants will review your current mortgage, the interest rate and any exit costs. We will balance this information with the new products, set up charges and legal costs, to establish the best deal for you.

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Professional Mortgage Advice

When choosing a new mortgage there are many features that must be taken into consideration. In addition to the interest rate and setting up costs, you must also take in account the redemption penalties, exit costs, lenders criteria and property construction. To be confident that you have thoroughly researched the market and exhausted all the options available requires the experience and knowledge of a professional mortgage adviser. Downton & Ali Associates will review your income, expenditure and affordability. We will combine this information with our widespread knowledge of the mortgage market, to find the most appropriate and competitive lender that will meet your financial objectives.

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Mortgage Agreement In Principle

An agreement in principle is the initial stage of a mortgage application. It will establish if you meet the lenders criteria. Each agreement in principle may involve a credit score. Too many credit scores can damage your credit rating and impair your ability to obtain a mortgage. With your consent, Downton & Ali Associates will only apply for an agreement in principle once we have established the most suitable mortgage from the ‘whole of market’ options. We will take the stress away from finding the best mortgage and avoiding unnecessary credit scores. Our recommendations will be based on the lenders criteria, products available, your personal circumstances and financial objectives.

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When you change your mortgage to another lender, a solicitor will need to be instructed to complete the legal procedures. Some mortgage products offer free legal service reducing your initial outlay. We will inform you which re-mortgage products offer free legal service or if you are required to instruct your own solicitor. If you need assistance on finding a suitable firm, we have a group of companies that we can help you with that as well.

eConveyancer

To obtain a no obligation quote from a recommended conveyancer, click here.

For further information, please complete the enquiry form or contact our office on 020 8980 1989. One of our professional consultants will be happy to deal with your enquiry, or arrange an appointment at your convenience.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We will charge a broker fee of a maximum of £495 or 0.5% of the loan amount, whichever is higher, normally payable on application. Typically this will be £495.

If we charge you a fee and your mortgage does not go ahead you will receive:

A full refund if we cannot find a lender who will accept your application because of your personal circumstances.

A refund of 50% of the fee taken if the purchase falls through or you decide not to proceed before an offer is issued.

No refund if you decide not to proceed after an offer is issued.

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