Remortgaging to Release Funds

£1 million reverse mortgage to release funds for reorganisation

Recently I backed a case with an outstanding turn-around for a customer looking for a 937,500 pound housing retain on a 1.25 million pound plot. Due to this my client looked to be achieving a better rate than he was already on, while even trying to increase an auxiliary £112,500 where possible to put towards home enhancements.

The building permit of the former owners had run out, which the underwriters would not do. My first proposed scheme was to set a partial reserve on the extra credit if the creditor approved the entire amount of credit but retained part until certain extra requirements were satisfied. A new building permit will be issued in this case.

At the end, the creditor came back to us with an even better offer than we had been hoping. Instead of awaiting acceptance of the partial reservation, they agreed to let my customer take out the entire loan without the new building permit - which gave my customer the assurance that he had the necessary funds for the work he was to do.

Debt rescheduling and equity release

Remortgaging includes the repayment of your current mortgages with funds provided by a new originator. Often this is done to release some of your property's capital or to achieve a better interest on it. Within this framework, we must review your claim to make sure it provides good collateral for your new creditor and resolve any problems.

The majority of creditors allow us to take out search insurance instead of conducting a full search, and we can give you advice once we know who your creditor is. Equity-release is targeted at those over 55 and is often used to release funds to make home upgrades, help relatives or make funds available for you to retire.

First you will be contacted by a broker agent or an independant finance consultant and as soon as you agree, we will receive a proposal for a loan. It is a type of real estate transfer where the real estate changes owners. This occurs when a real estate proprietor wants to include another individual (perhaps a husband or child) in the right deed, or when two or more real estate proprietors want one of the current proprietors to be deleted from the titles.