Releasing Equity from your home

Some people are not willing to take out a loan for home repairs but there is one other option. If there is equity tied up in your home, you can release this by way of re-mortgaging a percentage of the property value.

 

It will increase your monthly mortgage payments but there is the overall benefit of no lenders to pay back so the cash released is money that is owed to you.

 

Various companies offer this service and like searching for a loan, it is best to look around before you commit to anything.

Top Tip: If you want to re-mortgage your property, this can sometimes be a drastic step so check to see how much equity is available, what can be released and how much your mortgage payments will go up by. If you cannot afford the mortgage increase then don’t do it. There is no point releasing the funds for home improvements, if there is no home to re-style.