More home owners remortgage to release equity.
With concerns over a rate rise a way off, many home-owners are choosing to remortgage to refinance and release equity.
While the risks of a rate increase remain low, many are taking advantage of ultra-low rates to take cash out of their home. Property prices are rising, and with the average price of property now in excess of £300,000 many home-owners are finding themselves with larger amounts of equity.
Reasons for remortgaging vary. Some are still switching to a lower rate to cut costs or pay down their loan, while an increasing number are choosing to release money to carry out home improvements or pay off debts.
With rates for a 2-year fix starting at just over 1%, it’s possible to consolidate debt into a cheaper monthly amount. However, when choosing to remortgage for the purpose of debt consolidation, it’s vital to consider your options carefully.
You should therefore think before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service to discuss options that may be more suitable for you
If you want to increase your mortgage by releasing equity or would like to switch to a lower rate, call us at Deal Direct.
We are here to take your call and will search through every UK lenders’ range to find you a more competitive deal to switch to. With our help it may be possible to both switch to a better deal and release equity, while paying no more than you do now.
To discuss your remortgaging options,
call an impartial adviser on 0800 048 8828.
