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Release equity to raise cash for any purpose
Releasing equity allows you to free up the funds that you have tied up in your home and is one of the most affordable ways of borrowing money.
Because of this, many people choose to release equity as a means of acquiring funds to help consolidate their debts, pay for home improvements or to take that dream holiday.
Remortgaging
In order to release equity you usually have to remortgaging your property, which in some cases is approximately 2% higher than the current best rates. By remortgaging, you can switch to a better rate that could potentially save you thousands of pounds a year and cut your mortgage term by several years.
ITV Local Mortgages charge a simple one off fixed fee of just £195 for remortgages, £375 for purchases, £750 for buy to let and £995 for credit impaired-mortgages.
Alternatively, for purchase and remortgage business for your own residence you may pay a fee of 1% of the mortgage (2% for credit impaired mortgages) and any commission received from the lender will be returned to you after completion. The minimum fee is £1,000 (£2,000 for credit impaired mortgages). On a mortgage of £180,000 the fee payable on completion would be £1,800 (£3,600 for credit impaired mortgages).
At ITV Local Mortgages we can complete the whole process for you from beginning to end. To find out if releasing equity is a good solution for you, why not contact one of our expert consultants on 0808 156 00 18.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.