Remortgage To Release Equity

PUBLISHED: 22 February 2023
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Our equity release service can help you to take value out of your home in exchange for cash. Our specialists will look at a number of lenders from across the market and compare products to ensure you have the best product to suit your individual circumstances. Our team will assist with all aspects of the process, from enquiry to completion, dealing with solicitors, surveyors and any other 3rd party to ensure the transaction is smooth and hassle-free for you.

The equity release mortgage is suitable for homeowners aged 55 and over this is because people of this age are more likely to have paid off a majority of their mortgage. When borrowing on an equity release mortgage there are certain aspects of the mortgage that requires careful consideration. This is because of the added interest to the loan that could roll up into a bigger cost when the loan is repaid.

Remortgage To Release Equity

What type of equity release mortgages are available?

There are currently two types of equity release mortgages that you are able to use the first being a lifetime mortgage and the second being the home reversion scheme. With the Lifetime Mortgage, you can continue to be the owner of your property, with a loan that is given using the house as security. Then the Home Reversion Scheme, is where you sell part or all of your property for lower than its market value and you can stay there as a tenant rather than an owner *Barrett Mortgages does not advise on the Home Reversion Schemes.

How Does It Work?

If you are finding the prospect of applying for equity release daunting, it is best to speak to our professional advisor like Sally Walls, who can help you decide whether equity release is right for you, by giving you advice and putting forward the application.

The first step of the process is to get professional advice, this is something that Sally Walls is able to provide to you. We also advise involving a family member or friend to accompany you to any discussions. Our advisor will assess your eligibility and discuss your needs and goals to see if an equity release is your best option or not. Using the information, you give to our advisor they will find a suitable recommendation for you.

Then if the recommendation is suitable for you, your equity release advisor will help you apply for the chosen product. This is the second step in the process. At this stage, it is important to have a solicitor involved that has experience with equity releases as they will represent you and provide legal advice to you. The lender you are applying to will plan with you to evaluate your property and when they have done this and approved your application, they will send their offer to your legal representative. Again, at this stage, you need to take time to discuss their offer with your legal representative before deciding whether to accept or not.

Step three in this process is receiving your equity release. If you are happy to accept the offer given to you by the lender, your solicitor will receive the money first and use it to pay any debts on the home before releasing it to you. The money you receive is yours to use as you wish. When it comes to repaying the loan back, it is normally done by using the proceeds received from selling your home either when you move into long-term care or when you die.

Remortgage to Release Equity – Get In Contact With Us

Dorset’s residential and commercial mortgage experts.

At Barrett Mortgages, our friendly advisors are always by your side when it comes to buying and mortgaging. We are an expert mortgage brokerage offering unparalleled service to our clients and partners. Whether you are looking for the best deal for your perfect property or are having difficulty obtaining a mortgage, we are happy to help!

Have any further questions? Please feel free to get in touch with our mortgage advisors by calling 01202 733809 or using our contact form. You are also welcome to pop into our office based nearby. Take a look at our Google Review Page here!


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