Yes, you can. Equity is:
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 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, speak to a specialist mortgage broker who can help you to release equity from your home, and make sure your monthly repayments remain affordable.
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