Remortgages for Equity Release Manchester
Looking to access the equity in your home without selling? A remortgage for equity release allows you to unlock the value tied up in your property, giving you tax-free cash to use for anything from home improvements to boosting your retirement fund. Our expert advisors will guide you through the remortgaging process to ensure you get the best deal for your equity release needs—all with 100% fee-free service.
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What is a Remortgage for Equity Release?
A remortgage for equity release allows you to borrow against the value of your home, releasing cash tied up in the property without having to sell or move. This option is ideal for homeowners who have built up significant equity in their home and want to access it for various purposes, such as home improvements, paying off debts, or supplementing retirement income.
The amount you can borrow depends on your home’s value, your remaining mortgage, and your financial situation. Our team of expert advisors will work with you to find the best remortgage options, ensuring you unlock the equity in your home at competitive rates.
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How Does a Remortgage for Equity Release Work?
Remortgaging for equity release works by replacing your current mortgage with a new one, either for a larger amount or over a longer term, allowing you to access the cash difference. For example, if your home has increased in value or you’ve paid off a large portion of your mortgage, you can remortgage to release equity and free up some of that cash.
This process involves assessing your current financial situation, home value, and mortgage balance to determine how much equity can be released. It’s important to understand that while you’re unlocking cash, your monthly mortgage payments may increase, so our expert advisors will ensure you choose a remortgage option that fits comfortably within your budget.
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Benefits of Remortgaging for Equity Release
Remortgaging for equity release offers several benefits, including:
- Tax-Free Cash: The equity released is tax-free, providing you with a lump sum or regular payments to use as you wish.
- Home Improvements: Use the released equity to enhance your home, potentially increasing its value.
- Debt Consolidation: Pay off high-interest debts or loans, improving your financial situation.
- Retirement Fund: Boost your retirement income by tapping into the value of your home without selling it.
Remortgage Property Manchester
It is definitely a wise decision to have your mortgage reviewed by a fee free ‘whole of market’ Manchester based mortgage broker as the end of your current deal approaches. The other option is to continue with the same lender and risk paying a higher rate than necessary. If you are looking for a remortgage adviser or buy to let remortgage adviser call us today for a completely fee free remortgage service.
Alternatively you may wish to remortgage your property to release equity for home improvements, buying a car, or to help your children to buy their own home. This is absolutely no problem as long as your financial circumstances fit the required criteria of the lenders.
Completely fee free Manchester Remortgage Broker
Our Manchester based adviser can offer guidance and solutions to all scenarios in relation to arranging a remortgage.
Use our Experience and Knowledge to place your applications with the most suitable lender , based on your circumstances.
Remortgaging can be complicated so it is not advisable to do it yourself on the internet. It always pays to use the services of a professional mortgage broker to ensure that you are not paying more than necessary. We would be delighted to review your current mortgage deal to see if any savings could be made by searching the whole of the market on your behalf. If we cannot improve your current deal, we will arrange to conduct a further review at a mutually agreed time in the future.
Help with your Remortgage
- Are you wanting to remortgage to add or remove a name from an existing mortgage
- Are you looking to remortgage your current property on to a buy to let / let to buy
- Are you looking to remortgage to consolidate some existing debts ie debt consolidation
- Are you still wanting to remortgage to a better deal , but your circumstances have changed since your original mortgage completed
- You are self employed and not sure of what is needed to suit lenders criteria for a new re mortgage
- Have you had previous credit issues and wish to look at all your remortgage options
- You have approached a Bank Direct and have been declined or they won’t lend you enough
FAQs
A remortgage is when you take out a new mortgage on a home that you already own. It can be to replace your existing mortgage or to borrow money against your property.
A mortgage for most people is their biggest financial commitment. By regularly reviewing the rates on their current mortgage, this can produce savings, sometimes £1000s each year on their payments. There can be positives and negatives to remortgaging.
Here are some reasons why you may want to re mortgage:-
Your current deal is about to end.
Most of the right mortgages deals available only last a short time – often two to five years. When it comes to an end, your lender will put you on its standard variable rate (SVR). This is likely to be higher than your current interest rate and higher than the right deals available via a broker. This is the time to review your remortgage options and secure a more competitive rate.
You want a better rate.
If you are tied into a mortgage deal then you might have to pay an early repayment charge (ERC) which can be high, often 2-5% of your outstanding mortgage amount. In addition, there may also be a small exit fee (often called an ‘admin fee’ or a ‘deeds release fee’). This doesn’t mean you shouldn’t consider it as the savings can be huge (especially if you have a large amount of mortgage debt). You just need to do your sums before looking at the switch options.
Your home has gained value.
If the value of the property has risen since you took out your initial mortgage, you may find you are eligible for a more competitive rate due to a lower loan-to-value band. Again, you need to fully review your calculations to see if it is cost effective.
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51 Customer Reviews
Excellent Service
Excellent service from David, he secured my remortgage deal 2 years ago and he is always very helpful. He went above and beyond to get the best deal for me for my current mortgage and is always there to reassure me and offer advice and the best deals to go with.
Nicholas Ward
Call Us On 0161 710 2587
Email Us At enquiry@searchmortgagesolutions.co.uk
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