Alliance Leicester Guide to remortgaging

You may want to switch your mortgage to enjoy a better rate, or you may want to borrow extra money for some home improvements, but what is remortgaging really all about?
What is a remortgage?
Remortgaging is the process of moving your mortgage to a new lender without moving home – you just take a new mortgage to pay off your current one.
Why should you think about remortgaging?
By remortgaging you can take advantage of the current mortgage deals on offer, and…
…you could save money
Remortgaging is a great way to save money. Find out what interest rate you are paying on your current mortgage, and see if you could get a lower rate with Alliance & Leicester and save money.
…you could raise money
Remortgaging can help you release any money locked up in your home. If you are looking to raise a bit of extra cash for home improvements, a well deserved holiday or even a new car, remortgaging may be a cost effective option. And if you can also save money by lowering your interest rate, your mortgage payments could cost less than you think.
…you could consolidate your debt
Remortgaging, taking advantage of lower interest rates and borrowing a little extra can be a cost effective way to consolidate any expensive debt you may have e.g. credit and store cards or loans.
…you could avoid moving home
The news is full of rising house prices, so if a new home seems out of reach, why not improve your current home? You could remortgage to raise money to add an extension – you may increase the value of your home too!
When should I remortgage?
If you are coming to the end of your current deal – maybe a fixed or discount rate, or if you are paying your lenders Standard Variable Rate start thinking about remortgaging and saving money now.
The remortgage process
Step 1 Decide if and why you want to remortgage. Do you want to remortgage to borrow more money? If so you need to make sure there is enough equity in your property.
Or, do you want to save money or look for a better mortgage deal? Have a look at our range of mortgages or use our Quick Quote calculator to see if you could save money by remortgaging to Alliance & Leicester.
Step 2 Contact your current lender for a redemption statement, and do your maths! Make sure you will be better off by remortgaging, there will be fees and charges involved so make sure the savings outweigh the costs.
Step 3 Take a look at our mortgages and find a deal to suit your needs. View our mortgage range. If you are not sure what mortgage you want, we can help you choose

Step 4 Produce your Key Facts Illustration for your chosen mortgage – this will tell you everything you need to know to make a decision about your mortgage. Step 5 Apply for your mortgage, call us on 0800 056 3254† THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT †Our lines are open 8am-9pm weekdays and 9am-5pm Saturdays. Calls are free from UK landlines although call charges may vary from mobile phones. Mortgages are subject to status, valuation, availability and our lending policy.

Link to previous articles: Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages Alliance & Leicester Mortgage Loans FAQ-1 Alliance Leicester Mortgage Jargon Buster Alliance Leicester Lifetime Base Rate Tracker