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.Get Started
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.Apply Now
What 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. 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?
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.
We work to a time that suits you. Put your personal life and work first, then have your free mortgage appointment.
During your free remortgage consultation, we can go over your options with you, including Equity Release.
Your case manager will be by your side every step of the way!
We will be open and honest at all times; finding you a deal that suits your personal and financial situation.
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.
We will compare different remortgage deals across the market. We have a large panel of various lenders.
We have been working with customers looking to remortgage for over 20 years now - we know what we are doing!
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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Megan and Wayne have been great throughout. Both really easy to work with and on top of things at every step of the process. Thanks a lot.
Excellent service by Malcolm, Paula & Meghan. We completed our purchase last week in what was supposed to be a very difficult case due to my bad credit and limited trading history as a director of LTD company. UKmoneyman dug out a lender that...
Very good service received. Wayne is very knowledgeable and helpful especially with me been a first time buyer. Also very accommodating with timings and I was able to have chats later on a night to fit my schedule. Very supportive all the way...
So far so good ! The first point of contact was lovely, made me feel at ease and very knowledgeable.
Absolutely fantastic service from the start, in helping getting a mortgage. Charlie always replied to my messages as quickly as possible and was very clear, thorough and calming through the whole process, cutting out a lot of worries had I not used...
Great help from the team, helped find exactly what we were after, and was an easy straight forward process. Being self employed it can be tricky however there were no problems with the help and advice we received.
Very helpful and efficient service. Wayne, the financial advisor who handled our case was thorough and professional, he gave us some very useful information and importantly sourced a good mortgage for our needs. Once we had a mortgage offer in...
From start to offer leo and jo have been great and done everything so quickly and I have not had to stress once been to other broker companies and this is the best by far will definitely use them again 😊
My initial interaction with Faye from UK money man has been really personable and I felt like she understood my needs very well. I’m hoping they can help deliver what I need and I didn’t feel any pressure to have to go further with my...
UK Moneyman have been super helpful and reliable. Have always been able to count on them getting back to us quickly and made us feel comfortable checking anything out we were not really sure about. They made the whole process as easy and hassle free...
The team were fantastic, in finding the product for me. Jo also walked me through what to expect when purchasing your first home I.e. time frames, and answer my many questions. Also their after care has been great, checking in on how the purchase is...
Myself and partner used UK Moneyman for our first time buyer mortgage. We’ve had round the clock care well above the norm. Multiple routes forward regarding which mortgage to go for with lots of information to help prepare us through the...
I cannot thank the UK Moneyman service enough. Securing a mortgage meant more than just that to me, it was – is - a life chance. However, because of my credit history, I didn’t think that it could be done. Right from the start of the...
Leo and Kayleigh have been great from the first phone call that I made to them. They have both helped us each step of the way and it has been a great comfort to my wife and me that everything had been taken care of by them both. We will definitely...
Ryan and Kayleigh were incredibly helpful and always available to answer our questions whenever we needed - and we had a lot of them as we are first time buyers who didn't have a clue about any of the process to begin with! They secured our...
UK money man where so helpful. Chloe and Joe was amazing with us. Stayed in contact with us giving advice and updates, so glad we chose UK money man! Thanks for all your help.
Amazing, when ne and my partner first looked into buying a house, we had no idea about how to get a mortgage or anything. Moneymen were extremely helpful all the way through and sorted everything smoothly and efficiently! Very happy, will use again...
We’re so glad that we decided to use UKM to help us through the process of buying our first home, they took most of the stress off our shoulders and we’re always there to answer any queries. Would definitely recommend them to anyone...
I found Dinah at Harrogate Moneyman to be extremely supportive. She listened carefully to our needs, proposed solutions and followed up closely. A great service - I’d recommend Harrogate Moneyman to anyone looking for mortgage options.