Yes, you can remortgage to release equity! Equity is the total of:
The amount that you’ve paid off your mortgage
The sum of your deposit
Any increase in the value of your home since you bought it
This lump sum can be released by remortgaging. For example, if your home is worth £250,000 today and you have £170,000 outstanding on your mortgage. That means that you’ve got £80,000 equity available.
Homeowners often remortgage to reduce their monthly mortgage costs. If you remortgage at a higher loan-to-value (LTV) than the equity in your home, you can release this equity as cash.
But it’s important to carefully consider your options, and the fact that higher LTV mortgages will typically come with higher interest rates than those at a lower LTV, and remortgaging to release equity will increase this.
For this reason, it’s best to speak to a specialist mortgage broker who can help you to release equity from your home, and make sure your monthly repayments remain affordable. Make an enquiry to get matched to a broker.
We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.
Unlike others, we only work on bad credit, self-employed and complex mortgages. That’s all we do. And we’re up for a challenge.
No robots, no automated answers. We use technology to connect you to a real person. Not replace them.
We only get paid when your mortgage is approved.