The value of property
has gone up considerably over the last ten years, so many people
have built up considerable equity in their homes.
What is Equity?
Equity is the value of
the property minus the outstanding mortgage you have to the
property, for example if your property is worth £200,000 and
you have a £50,000 mortgage you would have £150,000 equity
in the property.
Equity release loans used to be only available
for people nearing or in retirement, however they are now being
offered to people who wish to raise money on their property by
re mortgaging their property. Remortgaging can be a way of rasing
money cheaply, but you should always seek profesional qualified
advice such as that provided by an IFA
If you are looking for information on property
equity release see this page.
There are many reasons why people choose to remortgage
their home, to raise capital or looking for the best rates on
offer. In simple terms remortgaging involes switching from your
current mortgage to a new deal, which can either be aranged with
your existing lender or with a new one.
When you remortgage you can look for a better deal
to save money, or raise money to pay off debts or even build
an extension to your property the choice is yours.