Remortgaging or Transferring Equity? We can help!
Posted on 26 March 2020
As we all continue to adapt to a new way of life following the effects of COVID-19 and the ever changing government guidelines, we have noticed a change in people’s requirements towards one of their most important financial assets – their home.
Once spring arrives people are usually beginning to think about possibly moving house or purchasing their first ever home…. The uncertainty that we are now all facing has led people to look at alternative ways in which they can remain in their home but still benefit.
In addition, the new rules from the government limiting the reasons one may be able to leave one’s home has become more stringent, thus limiting the options for viewing new properties/obtaining valuations. Choosing to stay in your current property and make improvements can be a cost-effective way of getting the home of your dreams.
Remortgaging your property could help to reduce your monthly repayments as you move from one mortgage deal to another, either remaining with the same lender or moving to a new one.
There are various different reasons why you might choose to remortgage. These could include:
• Your current fixed deal is up for renewal
• You want to move from repayment to interest-only (or vice-versa)
• You want to be on a better rate than you are currently on
• You want to be able to make overpayments
• You want to borrow more money
Another way you could benefit from choosing to remain in your home is to transfer equity.
Transfer of equity is when a jointly owned property is transferred to a single owner, or when a single owner adds one or more people to the ownership of the property.
You may choose to enter into a transfer of equity for a number of reasons including:
• Adding a partner’s name to the title of the property if you have married
• Removing an ex-partner’s name from the title of the property if you have separated or divorced
• Altering the percentage shared owned by each owner of the property
• Parent is “gifting” the property to their child/children
• Transferring the property between family members for tax planning purposes
At Pardoes we are here to help you at this challenging time to protect your home and indeed make the most of it.
We are fully geared up to deal with such transactions not only remotely but safely and securely using our cloud-based system. Our staff are fully contactable by telephone and email and can “meet” you face to face with the use of video calls.
We are here to help you. Please contact us on any of the following helplines:
Bridgwater: 01278 457891
Taunton: 01823 446200
Yeovil: 01935 382680
Posted in: Buying & Selling Your Home