If you need to borrow extra money against your home for a variety of reasons then we can help, even if we didn’t do the original mortgage. We will liaise with your current lender and see how they can help you.
Paying off your mortgage is possibly the biggest financial commitment of your life, gradually you will own more and more of your property which makes way for opportunities and ways to solve other financial problems.
A capital raising mortgage is used to release funds needed for a wide range of things such as home improvements, investments, clearing debts and funding purchases. This list will vary depending on the lender you choose but most of the time it is very flexible.
Taking the next step to remortgaging and releasing equity can be straightforward if you are nearing the end of your mortgage term however, you must plan ahead and make sure you can keep up with monthly repayments as you can expect them to be higher and even over a longer period of time.
Although lenders can be very fair with what capital raising mortgages can be used for, there are a few exceptions they will not normally allow. This can include gambling debts, purchasing stocks and shares as well as business start ups without prior experience. Make sure to clarify how you can utilise equity release with your lender first.
When remortgaging a property, the majority of homeowners chose a 5 year fixed rate. This would protect you from any future interest rises while allowing you to raise capital and stay on the property ladder.
When raising capital to invest you could need a deposit of up to 30%. Although it can be hard to raise this kind of deposit, a saving routine, remortgaging and a buy to let equity loan are just a few options to help you get there.
Remortgaging your home will allow you to release funds that can be used for other financial needs. If you have been paying off your mortgage for a while you will have money tied up in your house to use here.
Although a good short term solution, capital raising can result in larger and longer mortgage repayments.