When people are looking to remortgage to release equity on their homes, UK Moneyman is one of the names that pops up quite frequently. That’s because they are among the best in the business and have some of the greatest customer services out there. But in order to make sure that they are truly right for you, you’ll have to do a bit of research before you reach any decision.
How Does a Remortgage to Release Equity Work?
Mortgages and remortgages are financial tools that can help people when they need money. They have been around for decades and have really come in handy when someone needed that extra help. Banks and other financial institutions have this sort of services for basically any clients. But remortgaging a home isn’t something someone should take lightly. It isn’t a cure-all for when you run out of cash. It is a very important decision that one should make after he fully understood what it implies.
A remortgage to release equity works by firstly calculating your LTV ratio. LTV stands for loan-to-value, and it is the difference between the mortgage you still have on your home and its current value. That is the amount that you can remortgage for and that basically represents the equity you can gain from that remortgage. The LTV ratio and the equity will change overtime, because the more of the mortgage you pay, the more equity you can free up. But it also depends on what the market does to the value of your house
In order for a remortgage to release equity to be done, you have to contact a financial institution that offers that kind of service. It can be a bank or another type of institution. Then, in order to correctly figure out the equity you are eligible for, they will do an appraisal of your home. This way you can get an up-to-date estimate of what your home is worth. After that, the LTV ratio is calculated and you can decide if you want to go throw with the remortgage.
Why Do a Remortgage?
People do remortgages all the time. It isn’t necessarily something to be worried about. They usually do these because they need funds for various projects, like home improvement, a new extension or even to buy a new car, finance a small business or sending their kid off to college.
What Are the Steps for A Remortgage to Release Equity?
The entire process through which somebody does a remortgage to release equity is fairly simple. First, you have to get in touch with a financial institution. Just make sure that they offer this kind of service. That means that you should do your research about what a remortgage is. You can go online and read up on this or just go to the institution and ask them how things work. Also, make sure that you get more than just one opinion in your remortgage. That’s because different institutions use different appraisers. You might end up getting low-balled if you just go with the first one you find online.
Secondly, talk to their representative about how things are done. They’ll most probably ask for a series of paperwork, like your initial mortgage agreement, a statement showing how far along you are on your payments, deeds for your property etc. After that, if all seems ok to them, they’ll send somebody over to do the appraisal and calculate your LTV ration. Then all you have to do is agree to the sum and sign a few documents. It’s really not that complicated, but you do have to make some good decisions.
Can You Do This Through UK Moneyman?
When looking for the best place to remortgage your home, UK Moneyman may be the best option for you. Because, unlike a bank or other financial institutions, they are a mortgage broker. That means that they don’t just work with one single bank. They have the possibility of getting you the best offer from almost any institution that offers remortgage deals. That’s because they are able to search for deals with many institutions out there, and help you pick the right one.
Also, they can help you with any advice you might need. For instance, of you need help with your papers, they can help you figure out what you need and where to get it from. Also, they have a dedicated case manager especially for you. In some institutions, your case file may just get chucked along with others. That’s why it sometimes takes so much for them to get back to you, or even reject your application without even a reason. This is where this company actually shines. They are head and shoulders over the others in the business because of the way they treat their clients.
Are There Any Risks Involved?
When doing a remortgage there will always be risks involved. That’s why you should work with a company such as this one. They are used to dealing with financial institutions and can help you minimize the risks you are exposed to and guide you through the entire process.
How To Know If They Can Be Trusted?
Just like with any business, people need to know they can trust the ones they do business with. So the best way of finding out of they are the right people for you is to do a bit of research about them. You should firstly start with their website. There will find any information you might need about the company itself, about their services and about others that have done business with them. You can find testimonials and you can even contact them directly if you have any questions.
But you may not be convinced from their website alone. That is understandable. The next thing you should do is start looking online for reviews about their services. There are a lot of forums and blogs that let people talk about the experience they’ve had with mortgage broker firms, and even let them rate the companies. This way you will be able to find out first hand impressions from actual clients of the company. All you have to do now is read as many as you want and make up your mind if they are the right ones for you.
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