Releasing Equity from mortgage

flammable999

I'm still a newbie when it comes to mortgages, having only been in mine a year and a bit. My question is I have a gifted deposit of 95k on my mortgage. I borrowed 155k against a purchase price of 250k. In the event, I cannot secure a mortgage when it comes to the end of my fixed term later this year, can I release some of this gifted deposit for my own needs? Does the lender have to allow this if I want it as long as they get higher monthly repayments out of it?
Also, is one type of deal more easier to get than other? Like will a lender have different criteria for say a tracker from a fixed? Lastly, will a notice of correction lower my credit score? I know lenders have to look at it but does it lower your score? I ask, because when I queried an account earlier in the year, my score dropped temporarily.

Conrad

Yes in theory you may release equity by way of a further advance, or remortgaging the entire loan to a new lender.
Of course a lender has to ensure any borrowing is responsibly made - they cannot just hand you money on a whim as your question implied. If they did it would be an 'irresponsible loan' and break all the rules.

Of course your credit score and other fasctors will determine whether a lender will agree any finance.

Type of deal does'nt to any meaningful extent affect the lending decision.