Release Equity from property

rocky987

I am coming towards an end of 2yr fixed term mortgage deal with HSBC.
Current Situation:
Property Value: £335k
LTV: 60%

I am considering the following:
- Releasing 15% equity (£50k) when re-mortgaging.
Q1. Is it straight forward?

If I am allowed to release equity, I would initially like deposit this in my savings account.

Eventually I am hoping to use this towards the deposit for a new house and convert the current one to BTL.
Q2. Is this considered a 'valid' reason to release the equity?

Essentially I am looking to get a feel of how easy/ difficult is it to get equity released from property.

I am newbie when it comes to property/ mortgages, so any help from the more experienced members will be much appreciated.

Many Thanks.

Joy_mate

I am on the same boat. However woolwich adviser has explained me in brief. Try to speak with them. It will be helpful to understand.
my remaining debt: 165 k
Current home value: 270k
Equity release: 80% LTV - 165 k
Woolwich has given me an option to get released equity within 6 months, so I can save some on repayment of same.
Speak to woolwich, they will explain step by step.