Equity in a House

Lauren0407

Hi, please could someone tell me how I can release equity in a property that I own, I still owe £44k, the provider will not release funds but wants me to re-mortgage. I bought the property for £93, now its worth £375k I want to borrow £15k to pay off debt, I have another 4-5 years to go before I have paid it off. Why does the provider want me to re-mortgage because my interest repayment is only .75%, can anyone help please. I just wanna get out of debt.

kingstreet

Your existing lender may offer additional borrowing, a further advance or secured loan. If they do not wish to do so, what reason do they give?

If they do lend you more, it may well be at a different rate to that which applies to the existing mortgage, so the current rate should make little difference.

In answer to your question, you release equity as you have tried to do so, by requesting further/additional borrowing or remortgaging. Unless you can answer my question above, there's not much more anyone can suggest.