Can I release equity & any brokers in Lincoln??

airforce_beret

Evening All,

I am planning on remortgaging in September this year, due to my fixed rate period ending. I get married next March and I wondered if I could release equity in my home to fund part of it. This is my first home and I have owned it for around 2 years, everywhere I look for equity release it says for over 55's. Does anyone know if I can release any equity in my home? (I'm only 22)

Also....

Does anyone know of any no fee whole market mortgage brokers in the Lincoln area.

Your help is greatly appreciated.

Regards,
Adam

dunstonh

Equity release is for over 55s.

If you want to raise capital by borrowing against your property, then you are looking at a further advance and any mortgage adviser can help you with this (or your existing lender).

airforce_beret

Thanks for that, I will look into this. I just thought that because the price of my house has gone up and I have been paying my mortgage. That any difference would be equity in the house? I'm new to this lark, can you tell?

Thanks again

Pobby

Yes the value of your home equity is what the price it is worth now less the price you paid for it.So say you have a mortgage of a 100k and the property is worth now say 125k in theory you should be able to apply for a larger mortgage.

What people forget though is this is not ``free`` money.You are simply borrowing more as a secured loan.Please don`t take this the wrong way but I would not borrow money to have that great wedding.You could spend years paying it back.

airforce_beret

I have been debating this myself to be honest, might end up paying less by just getting a normal loan. Rather than putting it on my mortgage, in the long run I could pay more.

Thanks for the input though