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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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.
Apply NowWhat is equity?
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?
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?
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?
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?
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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No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
No vested interests, do you want your builder or estate agent knowing your maximum lending when you're trying to negotiate your price, you'll receive a mortgage tailored to your needs.
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We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
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Excellent professional service from start to finish. Staff are extremely friendly, professional and kept us informed every step of the way, making what can be an extremely stressful process quick, efficient and hassle free. This is the second time...
House-buying is a very stressful business but obtaining a later-life mortgage with UK Moneyman was a pleasure. The staff were extremely professional, knowledgeable, efficient and polite. They obtained a very good deal for us at the speed of light!...
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Third time using Moneyman. The service has been excellent every time.
UK Moneyman have helped to co-ordinate both my initial mortgage as well as the remortgaging of my current property. The team members from initial deal scoping across the markey to seeing the process through to completion have all been extremly...
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Being a first time buyer and not really knowing any process or what I need to do Mizna Coates was incredible at helping me sort my life insurance out. She was determined and diligent at trying to source a provider to give me critical illness...
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Brilliant service from start to finish. Great communication and always go out their way to help. Mizna looked after us this time for our life insurance and critical illness cover. It wasn’t straight forward to get us cover but she did...
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UK Moneyman (Charlie and Chloe) were fantastic during the process of applying for a Mortgage. I sought their help for a mortgage that was outside of what the bank was currently offering and after a few negotiations, they delivered the product that I...
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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
