Releasing equity from your home allows you to access the value you’ve built up in your property over time. Equity is the difference between your home’s current market value and the amount left on your mortgage. If property prices have risen in Hertfordshire, homeowners in Stanstead Abbotts may be able to unlock funds for home improvements, lifestyle changes or other financial needs.
There are several ways to release equity. Remortgaging can enable you to borrow more against your property’s increased value, often spreading the cost over your existing mortgage term. Lifetime mortgages are available to homeowners aged 55 and over, allowing access to cash without moving, though interest is added over time. Home reversion plans involve selling part of your property in exchange for a lump sum or regular income while continuing to live there.
It’s important to consider the long-term impact of equity release. Increasing your borrowing could raise monthly repayments, while lifetime mortgages may reduce the value of your estate for inheritance. Home reversion plans typically offer less than full market value for the share sold, and early repayment charges may apply on existing mortgages.
Downsizing is another option that could release equity without additional borrowing. Always seek independent financial advice before making a decision.
For expert local guidance in Stanstead Abbotts and across Hertfordshire, contact Hunters Stanstead Abbotts estate agents today to discuss your options and arrange a free property valuation.
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“I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”
