If you bought your property some time ago it may be worth more than you paid for it. You can use the equity, or extra cash value you have in your home to pay for home improvements or pay off other, more expensive debts such as store cards, credit cards and other loans. This is known as remortgaging and the loan you take out will be repaid in the same way as a traditional mortgage.
To calculate the equity you have in your home subtract the value of your existing mortgage and any loans secured on your home from the current value of the property. This is the maximum equity that you have in your property, but you should remember that the lender is likely to take into account your financial commitments i.e. outgoings before deciding how much you can afford to borrow.
We always remind our customers that it’s important to think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
How much you can borrow and the cost of your repayments will depend on your circumstances, the amount of time you take to pay back the loan and the type of interest rate product you choose.
Then why not contact us now, or ask us to contact you by clicking on the button below? Regardless of your circumstances, we may be able to help you.
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