Re-mortgage and equity release

If you’re looking to free up some cash from your property, re-mortgaging or equity release may be the way to go.

A guide to re-mortgaging and equity release

Your home is probably the most valuable asset you own, into which you may have invested tens of thousands of pounds over the years. With house prices having generally increased over the long-term, chances are you have built up considerable value – or equity – in your home, which you could leverage to top up your income.

Can I re-mortgage my property?

Re-mortgaging your home can bring many benefits. If you are coming to the end of the discounted or fixed-rate period of your current mortgage and are about to switch to a higher rate, then re-mortgaging may be a good way of helping you to get a better deal and save on your monthly repayments.

What is the difference between re-mortgaging and equity release?

If you’re looking to top up your income, particularly in later life, you may be able to release some of the cash tied up in your home by either re-mortgaging or through equity release.

Re-mortgaging simply means taking out a new mortgage that’s larger than your existing one, securing the additional cash you’ve borrowed against your home.

Equity release, on the other hand, enables you to take out a loan secured against the value of your home, that will be repaid when you either pass away or move into long-term care.

Why do I need to re-mortgage or release equity?

There are many reasons why you might want to re-mortgage or release equity from the property you own.

Your home probably represents the biggest investment you’ve ever had to make and will be your biggest asset. It’s likely that over time, even if you haven’t fully paid your mortgage off, the value of your home has increased.

Re-mortgaging and equity release will provide you with the opportunity to access some of the value – known as equity – that is tied up in your home.

This can be used for a variety of reasons, including supplementing your pension income, funding further investments, or even helping your children – or grandchildren – start their own journey up the property ladder.

However, the older you get, the harder it can be to find a lender that is willing to allow you to re-mortgage, which might mean that equity release is a more suitable option for you.

It’s important to remember, though, that equity release can reduce the overall value of your estate and may also affect your tax status and your eligibility for any benefits, such as a state pension, so it’s always best to seek professional advice before taking the plunge.

How can I re-mortgage or access equity release?

If you’re looking to access some of the value you’ve got tied up in your home, either by re-mortgaging or equity release, you’re in the right place. My Mortgage Pro can connect you to an expert mortgage adviser from our parent company James Alexander FS who can give you the right advice to suit your circumstances, before finding a specialist provider and the solution that’s right for you. We work with a panel of specially selected mortgage professionals who have many years’ experience in re-mortgaging and equity release.  

So, if whatever your needs, if you’re looking to either re-mortgage or release some equity from your home, get in touch today. We’ll hook you up with an authorised and regulated adviser who specialises in re-mortgaging and equity release and can find the best deal to meet your needs.