If you have a property with at least 20% equity (80%LTV) you may be able to access this to pay for home improvements such as extending your home or even repaying debit.
Capital Raise Remortgage
If you have equity in your current property, you can borrow more for home improvements, paying off debts or even towards a new property purchase. You can increase your mortgage up to 90%LTV.
Further Advance
Change the existing terms of your current mortgage by increasing your mortgage without having to pay an Early Repayment Charge.
FAQs
How much can I borrow?
As a general rule of thumb most lenders will allow you to borrow x4.5 your annual salary however we have access to lenders that can consider up to x5.5 your salary.
What can I use the money for when raising funds?
Lender’s will typically allow you to spend the money how you wish providing its deemed sensible. If your reasons fall outside of home improvements, an onward purchase or debt consolidation then it will be down to the lenders underwriter discretion.
Further advance or remortgage to raise funds?
More often than not it will be cheaper to tie the funds being raised within a remortgage as you will benefit from a lower interest rate and not having two parts to your mortgage. Also, when remortgaging we can consider other lenders whereas a further advance would require you to do this with your stay with your existing mortgage provider.
Why get a further advance over a remotgage?
Initially we would expect that tying the capital raise with a remortgage is best practice however, if you are fixed into your current mortgage with large fees to come out early then a further advance may be the next best option.
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