Extending Mortgage Term to Release Equity

Pont

Is it possible to extend ones mortgage term to release funds for renovations? In theory I would have thought this was possible but am not sure of the correct term to use when approaching my provider.

When I remortgaged to a different provider a couple of years back I asked that my payments remain the same but cut 6 years off my term.

I am paying approximately £6,000pa repayments (about 50/50 interest/capital repayment. Ideally what I'd like to do is release about £6,000 equity and increase my term by 2 years but keep my monthly payments the same. Is this a 'realistic' request?

At present my house value is approximately £155,000 (conservative guesstimation) in value and my outstanding mortgage is just over £80,000.

dimbo61

Q1 Is it possible to extend ones mortgage term to release funds for renovations?
A1 yes depndng on AGE, Income and the new MMR!

When I remortgaged to a different provider a couple of years back I asked that my payments remain the same but cut 6 years off my term. WELL DONE !!!
" I am paying approximately £6,000pa repayments (about 50/50 interest/capital repayment)". DO you mean 50% Interest Only? as many lenders do not like this and may require 100% Repayent mortgage!

Back to the real question WHY DO YOU NEED £6000 Think MMR ( can you afford higher mortgage payments!!
You have plenty of equity in your home so maybe time to see what your lender can do or speak to a broker.
No Idea about your current mortgage deal,rate,age,Income, outgoings etc

Pont

Thanks for the reply. To answer your questions :-
1) Age 46, income £26,000pa and MMR (Mortgage Market Review?) - no idea!
2) Not interest only - I have a repayment mortgage. Approximately I am paying £3000pa interest - £3000 off the capital.
3) £6000 required to knock through dining room/kitchen (RSJs needed), revamp flooring and fit new kitchen. Building control have been here and okayed everything.

I don't want to increase monthly payments - I want to extend the mortgage term.

Mortgage deal is 18 months into a 5 year fix @ 3.49%