Equity release for second home?

libbya

I would appreciate any advice on this subject as my internet research has left me quite confused.

My home is worth £350k with an oustanding mortage of £210k. Due to work relocation, I'm trying to buy a flat in London, and hope to use the equity in my home for part of this. Looking up equity release on the net though only seems to give information for retirees looking for a lump sum. Surely there must be someway of offsetting a second mortage against the equity in the first property?

I've asked London and County who I've used in the past but they've just advised me to take out a second mortage in full, not what I was hoping to do.

Any advice very greatly appreciated.

Libby

Ian_W

Equity release relates to older people because it requires no repayments straight away. Your options to release equity are:
1. Sell your home - it releases 100% but clearly isn't what you want to do.
2. Remortgage your home and borrow more against it's market value, usually up to 90% LTV. No problems there I wouldn't have thought provided your income is such that a lender will agree to the loan.

Surprised that L&C didn't offer better advice as remortgages to raise capital for second homes or other purposes are extremely common.