re-mortgages
WHAT IS EQUITY, AND HOW DO I USE IT?
Equity is the proportion of the property that you own, i.e. the part which has no mortgage on it. For example, if you own a property worth £200,000 and have a £90,000 mortgage outstanding, the amount of your equity is £110,000. This equity can be used to purchase a second home or an investment property.
You can raise up to 85% of the properties value as a new mortgage. Using the example above, you could release an extra £80,000 as illustrated below:
Value of property: £200,000
Previous Mortgage: £90,000
Release of equity: £80,000
(Equity release for purchase of second property)
This process will involve switching your overall mortgage to a new lender or simply to a cheaper rate. Of the £170,000, the first £90,000 covers your original mortgage. The balance (the remaining £80,000) is now yours to do with as you wish. That dream villa in Spain, cottage in France or town house in Italy is now one step closer to becoming a reality
Re-Mortgage & Equity release are actually the same thing!
At Nationwide Mortgages our job is to provide you with a service which we believe is truly second to none. The last thing that you need is a headache when trying to find the right mortgage to suite your needs.
Allow us to search the entire mortgage market for you and find you the best possible mortgage. Nationwide Mortgages (UK) Ltd has access to almost every single lender in the UK. We can search the entire market and find a mortgage that will suit your needs. We can do this without leaving a footprint on your credit file, the last thing that you need is a trail showing others that you have been searching.
You will be provided with a FREE illustration showing a complete breakdown of the monthly payments and costs involved.