mortgage questions

ACG

Equity release is something similar but more for older people...

Putting that to one side though and answering your question, if your tied into a deal then you have 2 options, speaking to the lender and asking them to offer you a further advance for however much or arranging a secured loan against the property.

stuart888

Yeah I may be mixing some terms up here.

I'm not sure I would want a conventional loan secured against the property.

When you say speak to the lender and ask for a further advance would it be along the lines of " I have increased my equity to 40% please advance me the differance of 15%" witch would deposited in my account and added to the total amount? Is the how it works?

ACG

Kind of, although you would have to pay for a revaluation. If the results of that agreed, then they would go through the rates available and any associated fees.

When you discuss this with a broker, make sure theyre aware you will be wanting a further advance not too long after and roughly how much for as some lenders will only do further advances for amounts that are above £xxx so you need to ensure the lender you go with at least in principle will meet that.