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.

As a mortgage broker, we find that 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.

Your dedicated mortgage advisor will let you know what options are available to you and your circumstance, working hard to ensure your process goes right.

Book your free mortgage appointment today to get in touch with a mortgage broker.

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Remortgage to Release Equity 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.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

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.

This is where coming to a mortgage broker can prove beneficial, as we'll make sure you're prepared as you can be and will work hard to help you achieve mortgage success.

8 Reasons to choose UK Moneyman

Operating 7 days a week!

We work to a time that suits you. Put your personal life and work first, then have your free mortgage appointment.

Free initial remortgage consultation.

During your free remortgage consultation, we can go over your options with you, including Equity Release.

Dedicated, hardworking and responsive.

Your case manager will be by your side every step of the way!

We work for you, having your best interests at heart.

We will be open and honest at all times; finding you a deal that suits your personal and financial situation.

Are you covered with the right insurance? During your remortgage, we like to go the extra mile.

During your remortgage process, one of our protection and mortgage advisors will make sure if you are covered with the appropirate insurances, make sure you and the ones you care for are protected.

1000s of remortgage options.

We will compare different remortgage deals across the market. We have a large panel of various lenders.

We have the experience and knowledge.

We have been working with customers looking to remortgage for over 20 years now - we know what we are doing!

Our remortgage advisors will make sure you are kept up to date every step of the way.

We will be there for you throughout the entire process, recommending the best remortgage deal for your situation and tackle any hurdles your may face along your journey.

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1000s of remortgage deals to release equity

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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