Equity release as recently become one of the more popular methods of releasing capital from a property. Many people who have a buy to let mortgageor a residential mortgage can apply for a new mortgage to release extra capital from their homes. This method of releasing equity from a house is popular for people both with residential buy to let mortgages. Releasing equity in this way is especially handy when you need to raise some cash quickly.
Equity release can be used for any number of reasons ranging from home improvements to paying for a new car. There are no restrictions from the mortgage lender against how you use the money that you have raised from equity release. This method of raising capital has also been traditionally popular with property investors. Buy to let property investors have used the cash that they release from equity release to pay for future property investments and thus boosting their portfolios for better profits in the future.
In order to you to qualify for our equity release you need to make sure that you either have minimal mortgage outstanding on your property or ideally there is no mortgage at all. The lower the amount of outstanding mortgage on your property, the bigger the amount of you can release from your house. So if you think you have a good amount of equity locked into your property have a word with your current lender to see if they have any good remortgage deals that are being offered to you as an existing customer. It is not uncommon for mortgage lenders to entice existing mortgage clients with good remortgage deals to lead further loans to their clients. So before you start shopping for a completely new mortgage product it is definitely worth having a chat with your mortgage lender as there is a good chance that you can end up with a good remortgage deal without too much work.
Leave a Reply