The Lemon Fool

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?

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.

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

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