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How Do I Release Equity from My House?

You can use a home equity loan. Equity is the difference between the value of your home and any outstanding mortgage and secured loans. For example, if your property is worth £150,000 and you have an outstanding mortgage of £50,000 you have equity of £100,000.

If you do have equity in your property then you can use a home equity loan to release this. You normally take out a home equity loan in addition to your main mortgage which is why it is sometimes called a ‘second mortgage’.

You can typically borrow from £3,000 to over £100,000 depending on the amount of equity that you have in your home, your income and your credit history. You can typically spread the loan repayments over a term of between 3 and 25 years in order to ensure your monthly repayments are affordable.

As the lender takes a legal ‘charge’ over your property as security for the loan, home equity loans are often agreed at lower interest rates to other types of borrowing such as credit cards, personal loans or bank overdrafts. You should bear in mind that your home will be at risk if you fail to keep up your repayments on a home equity loan.

You can use a home equity loan for almost any purpose. Many people use secured loans to consolidate other high interest debts such as loans or credit cards or to pay for home improvements such as an extension or a new kitchen or bathroom. You can also use a homeowner loan to raise the cash for a large one off purchase such as a new car or a dream holiday.

As the lender takes a legal charge over your home as collateral, home equity loans are widely available to self employed applicants or those who have experienced credit problems in the past. So, if you do run your own business or you have County Court Judgments or defaults you may still be eligible for a home equity loan.

The application process for a home equity loan is simple and you can often complete an application form online. The process then takes around 3-6 weeks to complete and the money is normally paid to you by cheque or by direct bank transfer.

To access the money tied in your home equity and get a great loan rate, fill our loan form on the right now.