Over time, it’s possible that you will build up equity in the property you own. This can happen in two ways:
– you have paid down the amount you have borrowed from a mortgage lender over time
– the value of your property may have increased over time
This equity is often accessible to you via the process of increasing your mortgage, and many people use this money to invest in another property. In most cases, you would need to remortgage to release equity from your existing property.
The process of applying for a remortgage is similar to applying for any mortgage and will usually be based on your ability to repay the amount you want to borrow. Your personal financial situation, such as your income as well as your outgoing expenditure will be reviewed before your application is approved. The bank or building society will also review your credit history and any additional debt you may have, such as credit cards or other loans.
Each mortgage product usually has a specific term, such as two years, three years or five years, for example. If you’re current mortgage has an early repayment charge, you may have to wait until the term has ended to apply for a new mortgage. You may find, however, that it makes more sense financially to simply pay the redemption fee, allowing you to release the money you need and take out a mortgage with another lender.
Before you decide on this, it is strongly recommended that you consider the options available to you with a qualified mortgage advisor. So, whether you’re looking to borrow more money from your existing mortgage lender, or you would like to remortgage to release equity with a new bank or mortgage lender, Private Wealth Mortgages can help. We provide a FREE no-obligation consultation. Give us a call on 01403 270006 and one of our friendly, impartial and experienced mortgage advisors will be happy to present you with the appropriate options for your personal circumstances.
We have over 30 years of combined experience in mortgages, remortgages, equity release and financial planning. So, whatever aims and goals you have, we can help you make personal plans based on informed, intelligent advice. We also work with trusted partners such as solicitors, accountants and financial advisors.
At Private Wealth Mortgages, it’s less about a list of lenders and more about finding the right fit for your life. We find that fit by getting to know you, listening to any concerns you may have, understanding your current financial situation and considering how that might change in the future.
We are proud to say that our clients receive a full mortgage strategy that helps them live more securely and comfortably both now and in the future. Skilled at navigating the mortgage market, we have years of experience helping a wide range of people, regardless of their income, profession or credit history.
Aware that the mortgage search and application process can be lengthy, complex and stressful, we make a promise to keep things simple – ensuring clients are continually up to date with information. You will have a dedicated administration team member assigned to you, who can assist with any questions you have and who can take care of as much of the paperwork as possible.
We are authorised and regulated by the Financial Conduct Authority (FCA). We are also members of the Equity Release Council (ERC), the industry body for equity release mortgages. So whatever your plans and considerations, our expert mortgage advisors will discuss your personal circumstances and explain all the options available to you in a way that is unbiased and easy to understand.
What’s more, we offer an initial consultation with a review of your current circumstances and income levels for free and with no-obligation. Give us a call on 01403 270006 and one of our friendly, impartial and experienced mortgage advisors will be happy to help.