Remortgage to Release Equity

If you have enough equity sitting in your current home, you may wish to release some of this to fund anything from new ventures to casual purchases.

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Remortgaging to release equity is a good way to raise money for a wide variety of reasons.

Many people use remortgage to release equity from their homes. You are allowed to raise capital for lots of different reasons. The most popular reasons are debt consolidation, home improvements, buying out your ex partner if you have separated and raising funds to gift to your children, perhaps to get them onto the property ladder themselves.

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Equity is calculated as the difference between the value of the property and what is left on your mortgage balance.

Whatever your reason to remortgage, there should be plenty of options out there as long as you have a decent amount of equity in your home and the payments are affordable.

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Most popular FAQs

What is equity?

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Equity is the difference between what you owe on your mortgage and what your home is currently worth. If you owe £150,000 on your mortgage and your home is worth £200,000, you have £50,000 in equity.

Why should I remortgage to release equity?

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When you release equity, you are releasing a share of your home and turning it into cash. You can use this equity to fund home improvements, pay off unsecured debts, put down a deposit on another house or gift to your children.

How much equity do I own?

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To get a rough idea of how much equity you own, you will need to work out how much your house is worth. You can get an estate agent to work this out for you or just look at similar housing prices in the area. Take this total and subtract your remaining mortgage amount from it; this will give you a estimate to how much equity you currently have.

Can I remortgage to release equity to pay off a loan?

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Yes, you can if you have enough equity within your house to pay back the loan. Depending on the amount of equity you own, you may not have to take all of the equity out to repay the loan. It is always best to seek professional advice before securing any debts against your home and you may end up paying back more interest overall.

How long does a remortgage take?

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The remortgage process can usually take four to eight weeks to complete. Ideally, when you are remortgaging to release equity, you want to plan your remortgage at least 3 months ahead.

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