equity release - negotiate or wait?

adam3_2 · 24 January 2011 at 5:35PM

I purchased my flat in february 2009, at the lowest trough of the house price fall, it was also a repossession in need of redecoration, new boiler, bathroom, windows and kitchen. I paid £120k, £35k below the purchase price of the most recent other sale of an identical flat (next door) in late 2007.

Now prices in the area have rebounded back to pre-crash levels and I have completed all improvements bar the kitchen. I would like to release some equity in the property in order to finish the improvements and consolidate some other debt.

I have 6 months to run on the fixed period of my mortgage and had intended to switch to gain a much better rate with the improved LTV given the increase in value come July, however, I wondered if it might be worth attempting to negotiate with my current lender in the mean time to try and avoid the 6 months of high interest payments on other debts. Or would I be wasting my breath since I'm still fixed?