How can i remortgage my house to create more equity?
I am looking for more equity to back up my pension
Answers:
A number of bank and building societies do equity release products for people in your situation. They will however necessitate assurance that your regular pension is sufficient to maintain payments on the loan. So you procure a lump sum in your hand but you will lose a chunk of your regular income servicing that debt, it is a set off.
I believe the only road is if you can refinance at a lower rate by doing that you reduce the total amount due as long as you are not increasing the term of the loan
Equity contained by your house is its value less any outstanding mortgage. To increase your equity, you must downsize your mortgage borrowing by paying more off the balance.
You can use the advantage of your property as savings for pension so long as you realise that the simply way to release the equity is to sell your house. Downsizing is a tariff free way to fund retirement.
You can not "create" more equity than is there. You can pull out more equity by refinancing or taking out a Home Equity Line of Credit. If you are at most minuscule 62, sounds like you might be a candidate for a reverse mortgage.
http://www.choicefinance.net/reverse-mor…
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Answers:
A number of bank and building societies do equity release products for people in your situation. They will however necessitate assurance that your regular pension is sufficient to maintain payments on the loan. So you procure a lump sum in your hand but you will lose a chunk of your regular income servicing that debt, it is a set off.
I believe the only road is if you can refinance at a lower rate by doing that you reduce the total amount due as long as you are not increasing the term of the loan
Equity contained by your house is its value less any outstanding mortgage. To increase your equity, you must downsize your mortgage borrowing by paying more off the balance.
You can use the advantage of your property as savings for pension so long as you realise that the simply way to release the equity is to sell your house. Downsizing is a tariff free way to fund retirement.
You can not "create" more equity than is there. You can pull out more equity by refinancing or taking out a Home Equity Line of Credit. If you are at most minuscule 62, sounds like you might be a candidate for a reverse mortgage.
http://www.choicefinance.net/reverse-mor…
Related Questions: