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Re-mortgages and Equity Release Mortgages

Reasons to re-mortgage

There are lots of different reasons you might want to re-mortgage in order to release some of the equity you have. For example, you might want to use that money to fund home improvements, rather than putting it on a credit card or personal loan deal. Alternatively, you might want to use some of that money to help a family member financially. Many first-time buyers now rely on financial support from their loved ones in order to get onto the housing ladder, most commonly in the form of a gifted deposit.

You may also be considering re-mortgaging to free up cash to pay off some debts. Ideally, releasing cash by re-mortgaging is only something you should do if you have a significant amount of equity built up in the property, to the point that increasing your equity will not dramatically change the loan-to-value of the mortgage.

Mortgages tend to offer lower interest rates than a personal loan, and are much cheaper than credit cards. Adding debts to a mortgage will allow you to spread repayment over the term of your deal - potentially decades, compared to the five or 10 years with a loan, or two years with a 0% balance transfer credit card. However, think carefully before you do this. As you're extending your repayment period, you'll be paying much more interest over the long term.

We can act for you as well as the lender on a new mortgage on your property or to replace an existing mortgage.

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0800 169 1325

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