Re-Mortgages & Top Ups
Accessible credit is a necessity in modern day life and sustains our consumer driven society. If you are a property owner you have the option of re-financing by what is termed equity release. A loan advanced to you secured on your property is much cheaper than an unsecured loan at much higher interest rates.
The “top-up” is the most straight forward form of re-financing. It is often referred to by the banks as “an equity release” and involves you taking advantage of the fact that the value of your home is much greater than the amount outstanding to your bank.
If the “debt to equity” ratio (also called the “loan to value” ratio) has become quite low, your bank may now regard you as a low risk borrower and be prepared to make a further loan advance. Top-up loans are commonly used for household improvements or to re-organise your personal debt. Loans are approved on the basis that the mortgage held on your property is already well secured against the improved and increased value of your home and your ability to repay.
When you decide to proceed by way of re-mortgage, this involves the changing of lending institution from your current mortgage provider to a new one. If you instruct us to take care of this business for you, we will take up your title deeds from your old bank, make a full investigation of title and recommend it to your new bank. In addition we will also pay off the full amount owed to your old bank i.e. redeem your mortgage, obtain a discharge and certify the title so that the loan advance you need can be drawn down.