If you want to access the funds invested in your home without having to sell it, you can either remortgage or release some of the equity in your property. The right option for you will depend on your financial situation and your intention for accessing the funds. At BuchananBurton, we take the time to get to know you and understand your plans. We provide clear, practical advice that cuts through the legal jargon and provides you with effective solutions to your property concerns. Contact us today to discuss your property matter.
Remortgage your Home
Remortgaging is the act of changing the mortgage on your home to a completely new lender or to a different product from your existing lender. There are several situations in which you might consider remortgaging, and many reasons for doing so, including:
- Reducing your monthly mortgage payments. Following the end of a fixed/discounted-term, you may want to take advantage of a more favourable interest rate on another mortgage.
- Change provider. If your circumstances have changed, you may wish to switch to a different mortgage lender to reflect these changes, for example one that offers fixed or flexible repayments.
- Raise extra money. Remortgaging can allow you to raise money for home improvements or other significant expenses.
The remortgaging process can be daunting, and it is important to remember that it does involve taking on additional debt. We will help you understand the full financial implications of remortgaging, including any penalties for paying off your existing mortgage early, to allow you to make an informed decision. If you decide to remortgage your house we can take care of transferring your mortgage to your new lender.
Releasing equity allows you to unlock the money tied up in your property. If you release equity you borrow an amount of your home’s value and you can use this money straight away. Homeowners release equity for various reasons, including to make home improvements, pay for a holiday or other big expenses.
There are two main ways to release equity in your home:
- A lifetime mortgage. With this mortgage, you can release money either in a lump sum or through a drawdown arrangement. Interest is only charged on the amount you borrow, and repayment of the total debt is only made when the house is sold.
- Home reversion plans. Under this plan, you sell all or part of your property in return for a tax-free lump sum. The share you decide to retain stays the same whatever happens to property prices.
If you are considering releasing equity in your home, we will meet with you face-to-face and prepare a written report setting out the risks and rewards of your equity release scheme, together with your contractual obligations regarding any product offer you might have received. We will ensure that you understand fully the terms of the contract so you can make the best possible decision for your future.
Contact our Remortgaging & Equity Release Solicitors – Providing Legal Services within East Kilbride, Hamilton, Strathaven & Glasgow South Side
At BuchananBurton, we speak your language. Our advice is down-to-earth and practical – giving you real solutions to your everyday problems. Our solicitors offer cost-effective solutions to your legal needs, ensuring you have a good understanding of your options every step of the way. We serve clients in East Kilbride, Strathaven, Thorntonhall, Carmunnock, Hamilton, Clarkston, Busby and the surrounding areas.
Pop into our office, give us a call on 01355 249 228 or contact us via our online contact form and someone will be in touch shortly.