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Easier to remortgage with low equity than 100% equity?

mortgage deals, ideas and discussion
yetanothermike
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Easier to remortgage with low equity than 100% equity?

#650594

Postby yetanothermike » March 1st, 2024, 5:59 pm

Hello All

I'm lucky enough to have paid off my mortgage some time ago but now I want about 10% of its value "released" as cash. Looking at all the mainstream comparison sites and banks/BS themselves, they seem all set up for those who have an existing mortgage they want to re-mortgage. But I never see an option to compare or even apply for a new mortgage on my own home.

As a lender I would have thought the more equity the borrower has the better but seems I'm wrong ? How to get a "normal" non-specialist mortgage one one's own property?

Lootman
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Re: Easier to remortgage with low equity than 100% equity?

#650603

Postby Lootman » March 1st, 2024, 6:28 pm

I think the idea of older people releasing the equity in their home to help with (tax-free) income is not unusual. But I believe it is a specialty product that is offered differently from normal mortgages. And there is probably a minimum age requirement.

I would google things like "reverse mortgages" and "equity release schemes" to get started.

Gerry557
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Re: Easier to remortgage with low equity than 100% equity?

#650659

Postby Gerry557 » March 1st, 2024, 8:35 pm

Just do it as a remortgage application. Alternatively contact a mortgage broker who might find something suitable.

Charlottesquare
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Re: Easier to remortgage with low equity than 100% equity?

#651206

Postby Charlottesquare » March 4th, 2024, 4:28 pm

Age, how many more years working and mortgage term are likely the questions asked outwith equity release mortgages for the older generation


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