Remortgage and Equity Release

toddler9

Good afternoon everyone. I am looking for some basic advise please. We currently have our house on the market (1 week) and are looking to sell mainly to release equity because I am pregnant and don't have very many thousands in savings to see me through a sustained maternity period. The plan is to buy another house with the remainder of the money as a deposit.

If however the house doesn't sell, or takes a long time I am thinking about the possibility of remortgaging and getting some of the equity out that way. The house is currently on the market at £127k and we have £82k mortgage. We would want about £10-15k out.do banks allow this? What is the process? When we bought the house 3 years ago it was valued at £95k as that's what we paid and since then we have done a lot of work. We got a new mortgage deal last year and the bank mortgage advisor did an online valuation which put it up to £108k so we are on about 80% LTV Could I get them to come and re-value it? Ie pay for a new survey kind of thing?

Any help much appreciated as I am completely lost with this!

Let_Us_See

toddler9 wrote: »

Any help much appreciated as I am completely lost with this!

Yes, and yes. See a broker and let them sort this out.