Want to remortgage to release equity? Talk to Tembo

Yes, you can usually borrow more by remortgaging. When you apply for a remortgage, you can apply for a larger mortgage loan. Whether you'll be approved for this additional borrowing depends on whether you pass the lender's affordability checks, as they'll need to ensure you can afford to borrow more.

Yes, you can use the equity in your home to fund home improvements. By remortgaging you can release equity you've built up over time. If you are funding home improvements such as an extension or a new kitchen, releasing equity can be a good idea if the improvements are likely to increase your property's value.

Yes, you can remortgage to consolidate debt. By release equity from your home by remortgaging, you could pay off your debt. However, you'll need to pass the lender's affordability and credit checks to be approved for a remortgage. If you have a poor credit score or expensive financial commitments, you might have access to a smaller range of lenders and may be offered higher rates, which can make it more difficult to remortgage.

Usually, you won't be able to remortgage to release equity if your LTV (loan to value) is higher than 75% (this means you own less than 25% of the property yourself). This is because there is a small proportion of equity that can be used as security against the mortgage loan. If you are offered a remortgage with a high LTV, you are likely to be offered a higher interest rate to reflect the greater risk posed to your lender by allowing you to remortgage.

No, you usually cannot release equity from your house without remortgaging. If you want to release money tied up in your property and are aged 55-95 you could use equity release instead. However, it's best to talk to an independent financial advisor on the best choice for your situation before making a decision.