Equity Release Mortgage to buy a Car

Equity Release Line

0808 156 2670

• Mortgages
• Credit Cards
• Loans
• Investments
• Life Insurance
• Home Insurance
• Insurance

Equity Release Mortgage to buy a Car

Do you need a new car but don’t have the spare cash and are put off by the high interest rates charged for personal loans or car loans?

Interest rates vary widely and often even the lowest start from around 10% APR but you could be paying in excess of 20% APR on your borrowing. And loans specifically the purchase of a car can often be expensive. When looking to take out any type of loan, it is a useful exercise to calculate how much you will repay over the term in total rather than simply looking at the level of repayments. In the press today there are often discussions about the credit culture we live in and how loans are very quick and easy to take out. Many people, regardless of their credit ratings find borrowing money far easier than paying it back.

However, did you know that one of the cheapest ways to borrow money at the moment is through a mortgage? So if you are a homeowner and have built up some equity in your property, re-mortgaging could be a very cost effective way to raise some extra cash to buy a new car or anything else for that matter. It should be fairly straightforward and you may well find that you could be paying a far better rate on your borrowing than you currently are and almost certainly a better rate than many other types of loan. Always look into redemption penalties on your existing mortgage and arrangement and solicitors fees for the new one. However, even taking these costs into account, you could be saving money in the long term.

If you would like to know more about releasing the equity in your home for a new car, or for any other reason, please complete an Equity Release Mortgage Enquiry Form above and we will arrange for one of our advisers to contact you. Or you could call us on 0808 156 2670

Equity Release Options
Buying a car	Overseas property
Buy-to-let property	School fees
Debt consolidation	Start a new business enterprise
Home improvements	Travel and holidays
Let to buy property	University fees