If you need to get your hands on some cash, and you have sufficient equity in your property, you could opt for a remortgage.
When you remortgage to release equity, you simply increase the size of your mortgage. Most lenders will allow you to do this and borrow more money at the same rate of interest, provided that you do not exceed the agreed maximum loan-to-value specified by the terms and conditions of your existing mortgage.
Note that if your property has fallen in value since you took out the mortgage, you may not be permitted to remortgage with your existing lender. Likewise, you have no meet their lending criteria, which may have tightened since you took out the original mortgage.
If you are considering remortgaging to release equity, it could make sense to speak to a fee-free adviser.
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