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What Remortgage Information Do I Need to Know?

Remortgaging is something that most homeowners will consider at some point. Whether you’ve come to the end of your current mortgage term or you’re hoping to secure a better deal, learn more about your remortgage options in our expert guides.

Posted On: June 17, 2022
Updated On: January 16, 2023

Can I Release Equity From My House?

If you’re a younger homeowner hoping to release equity on your home, we’re revealing whether that’s possible in our quick guide. Perhaps you’re hoping to consolidate some debts, be able to afford a new car, or even afford a deposit for a second property, but not sure where to get the extra cash from? With a remortgage it’s possible to release equity, avoiding the need to sell up and downsize. But, are you eligible and is it worth it?

As with all loans, there are eligibility criteria and factors that lenders look out for to decide how much money they’re willing to offer – or whether they’re willing to offer a loan at all.

If you don’t own enough of the property, because you’re at the start of your mortgage term for instance, releasing equity through a remortgage is not advisable. Your loan-to-value ratio will determine how much equity you can release, so if you own 50% or more of the property, it could be worth releasing equity.

Home equity loans

Another option to consider is a home equity loan. This is available to anyone who owns property and works by securing a loan against the saleable value of your property.

For younger homeowners, remortgaging or home equity loans are the two main ways you can release equity from your house. Over 55s can take out an equity release plan*.

If you’re hoping to free up some cash, sometimes the best course of action lies outside of releasing equity. You could review your monthly expenses to see where you could save money. Or, you could think up some creative ways to generate more income. A financial advisor can help with this.

Mortgage brokers can help

The best way to find out which type of loan is right for you and whether releasing equity from your house is a suitable course of action is to speak to a specialist mortgage broker. It’s important to get the right advice before securing a remortgage or second loan.

Contact the friendly team at Agentis today. We’ll offer professional advice and help you on your way to freeing up cash on your property by finding the right lender. Book your free initial consultation with us today.

*Equity release is not right for everyone and may reduce the value of your estate. A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home. Please note that Agentis is unable to provide advice on home reversion plans.