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Remortgage to Release Equity

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Remortgaging to release equity.

If you have had a mortgage for several years, you’ll likely have a fair amount of equity in your property. A remortgage to release equity will allow you to unlock some of this cash should you need to.

The main reasons why our clients choose to remortgage to release equity are, debt consolidation of loans and credit cards, gifts to family, divorce or separation settlements, home improvements and often for those aged 50+ retirement planning.

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Seeking mortgage advice is vital!

A remortgage to release equity will increase your overall mortgage balance secured against your property.

Being a trusted a mortgage advisor, it’s our job to ensure that you fully understand the pros and cons of a remortgage to release equity before going ahead.

Our mortgage advisors have access to 10,000’s of remortgage deals, saving you both time and money. Book your free, no-obligation mortgage consultation today to discuss your remortgage to release equity options.

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How to remortgage to release equity?

The amount of equity you can release will depend on the value of your property and the balance of any mortgages already held.

As part of your free, no-obligation consultation, your mortgage advisor will help you find out these figures and provide you a personalised quotation showing how much cash you can release and how much this will cost per month.

Your conversation with our mortgage advisor team will take approximately 25 minutes and can be done either on the phone or face-to-face via video call.

If you’re looking remortgage to release equity in the next few months and you’d like to know your options, you can book this online now via the button below.

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Remortgage to Release Equity FAQs

What is the current value of my home?

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If you are considering a remortgage to release equity, a good place to start is by having an idea of the value of your property. You can look at both recently sold prices in your area for similar sized properties and see what’s for sale around you.

What is my current mortgage balance?

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Another thing for you to consider when thinking about a remortgage to release equity is the balance of an existing mortgage or loan secured against your property. Our mortgage advisor team will help you with this one.

How much equity can I release?

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When doing a remortgage to release equity, how much you can release will depend on your property value and any outstanding mortgage or loan secured against the property.

Also, your affordability, age and credit score will be considered by the new mortgage lender.

Don’t worry too much about the above as our mortgage advisor team will help and guide you through the whole process.

Generally, the more equity that you have, the more you’ll most likely be able to release.

I’m aged over 50, can I still remortgage to release equity?

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A remortgage to release equity is also available for our older clients aged 50+. The mortgage world has been brilliant for innovation in this later life lending area over the last few years and a lot of products are now available to help.

Older customers are generally wanting to release equity help family, pay off debts, pay for care or to supplement pension income.

If you are aged 50 and above and are looking for a remortgage to release equity or for a lifetime mortgage/equity release product, then please visit our mortgages for the over 50’s page.

Our specialist later life mortgage advice team will be able to answer all your questions. You’ll be surprised what mortgage products are now available to older borrowers, even with a poor credit score.

Can you still remortgage if you’re locked into a fixed rate deal?

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If you are considering a remortgage to release equity and you’re in the middle of a fixed-rate deal, it’s important to seek great mortgage advice so you know your options.

Your mortgage advisor will consider you’re the rate and time left with your current mortgage lender and any early redemption charges.

Your mortgage recommendation will include exploring any options that are available with your current lender such as a further advance mortgage, moving the full mortgage plus any new borrowing to a new lender, or a second mortgage (often called a secured loan or second charge) on your property.

As part of our mortgage advice process, it’s important that we consider all the above options, and that you understand the pros and cons of each route. We’ll recommend the most cost-effective way forward for you.

What are the interest rates and terms for the remortgage?

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Our mortgage advisor team will run through all the options with you and recommend the best remortgage product for you. Your mortgage advisor will run through your interest rate, whether it’s fixed or variable, and the length of the mortgage term so you have a full understanding of your new mortgage.

If you are on much lower interest rates or your home has significantly increased in value, this may counteract these costs.

Can I remortgage to release equity with bad credit?

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It’s usually harder and you’ll need a great mortgage advisor on your side, however, it is possible to remortgage to release equity with bad credit. Bad credit such as a ccj, default, missed payments or simply a low credit score are usually hurdles that we can overcome.

Generally, the more equity that you have in your property that you are looking to remortgage to release equity the easier this is

What are the fees associated with the remortgage to release equity process?

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The fees associated with a remortgage to release equity, including arrangement fees, valuation fees, legal fees, and early repayment charges.

Your mortgage advisor will run through all these with you.

How will this impact my monthly mortgage payments?

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Depending on why you are looking to remortgage to release equity your monthly financial commitments will either increase or decrease.

For example, if we are remortgaging to repay credit cards and personal loans, you might save money per month and have just one higher mortgage payment.

On the other hand, if we are doing a remortgage to release equity for a gift to family or home improvements, your mortgage payment is likely to increase.

If you are aged 65+ and are wanting to explore your lifetime mortgage/equity release plan options, some of these plans allow the interest to roll up so that no monthly payment is required.

Read more about equity release and mortgages for over 60s.

What are the risks involved with a remortgage to release equity from my home?

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As mentioned above, seeking great mortgage advice is vital in this area. It’s very complex and your mortgage advisor will need to consider which product/s are best for you, I.e., a further advance, a remortgage, a second charge mortgage/secured loan or, for older clients an equity release/lifetime mortgage.

If you are using a remortgage to release equity to consolidate unsecured debts such as credit cards and personal loans, these will now become secured on your home. This means that if you ever missed mortgage payments, your property could be repossessed by your lender, and you could end up losing your home.

Also, a remortgage for debt consolidation, is usually spread over a longer term than a personal loan therefore the amount of interest you pay over the period will likely be more.

These are just some of the risks involved, it’s our job as trusted mortgage advice experts to run through all the risks involved based on your personal situation.

Can I remortgage to release equity if I’m self-employed?

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Yes, you can remortgage to release equity if you’re self-employed, no problem. Whether you are a sole trader, a partnership, or a limited company owner, with one years trading you’ll have remortgage to release equity options.

Can I remortgage to release equity on pension income?

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If you are aged 55+, receiving pension income and looking to release equity from your property there will be several options for you to consider.

These options will allow you to take equity from your home using just your pension income, there will be products that do not require any monthly payment from you also. The interest rolls up with these equity release mortgage types.

Our specialist later life mortgage advice team will be able to answer all your questions. You’ll be surprised what mortgage products are now available to older borrowers, even with a poor credit score.

Can I pay off the new mortgage early without penalties?

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As with any mortgage, a remortgage to release equity is a long-term commitment and should not be used as short-term borrowing. There are other products available such as bridging finance for these situations.

Your mortgage advisor will recommend a mortgage product for you based on your individual circumstances. As a rule, if you decide to go for peace of mind with a fixed rate, these usually come with early redemption charges for the duration of the fixed rate term, I.e., 2, 3 or 5 years.

What are the alternatives to a remortgage to releasing equity?

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Things like downsizing your property to release funds or unsecured credit products such as credit cards and/or personal loans should be considered to see if these meet your goals.

If you have explored the above, as part of our mortgage advice process, products such as a further advance from your existing provider or a secured loan/second charge will be considered as an alternative to a remortgage to release equity for you.

What documentation and information will I need to provide during the application process?

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Your free consultation with a mortgage broker, this will take about 25 minutes and will include basic personal information like name, address, salary, and any existing credit/mortgage details etc. This information will allow your mortgage advisor to answer all your questions accurately.

If you like what you hear and are happy to proceed with us, you’ll need to provide standard documents such as 3 months proof of earnings, ID and 3 months bank statements etc. It’s normal for other ad-hoc documents may be requested during the application process; this will vary by lender.

How long does a remortgage to release equity take to go through?

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The time is takes to remortgage to release equity through to completion can vary greatly by lender and which product suits you, however, as a general guide, the full process takes about 3 months until you receive your cash.

Our mortgage advice team aim to have secured you a mortgage offer within approximately 2 weeks; the rest of the process is in the hands of your conveyancer.

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.

Main Reasons to Remortgage to Release Equity

Remortgage to Release Equity for Debt Consolidation

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This is probably the main reason why clients choose to remortgage to release equity with us. Often, they feel stuck between a rock and a hard place paying the minimum payment on various high interest credit and store cards and not seeing the balance come down.

Also, personal loans are usually a higher rate of interest and have a higher monthly payment due to only being able to take them over a shorter, usually 5-to-7-year term.

A remortgage to release equity can be used as part of a financial plan to consolidate these unsecured balances into one monthly payment.

This does not come without risks though and it’s vital that you seek trusted mortgage advice to explore all your options. You could end up in a much worse position here without an expert mortgage advisor on your side.

If you are using a remortgage to release equity to consolidate unsecured debts such as credit cards and personal loans, these will now become secured on your home. This means that if you ever missed mortgage payments, your property could be repossessed by your lender, and you could end up losing your home.

Also, a remortgage for debt consolidation, is usually spread over a longer term than a personal loan therefore the amount of interest you pay over the period will likely be more.

Remortgage to Release Equity for Home Improvements

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A remortgage to release equity can also be used to fund home improvements. Popular remortgage for home improvements reasons includes a new kitchen, an extension, or renovation.

Remortgage for home improvements can also add value to your home after completion, increasing the amount of equity that you have in your property. Examples of this include adding a new bedroom, increasing the number of living rooms, or adding a garden office/gym etc.

When applying for a new remortgage for home improvements, your mortgage lender will consider the amount of additional borrowing that you need to fund your project and the current amount of equity in your home.

It’s always best to have an idea and quotes etc so there are no surprises along the way. Often, it works best to borrow a little bit more should any unforeseen costs appear.

Remortgage to Release Equity to Supplement Retirement Income (over 50’s)

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Often, older clients are looking to remortgage to raise capital on their property. Reasons such as to supplement pension income, helping family and to clear debts are popular.

You can read more by visiting our ‘mortgages for over 50’s’ page.

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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