Equity release advice

Milothefrenchie

Hi, myself and my husband are both under 40 and own a house with no mortgage. How can we release some equity out of the house? Is this classed as a remortgage? From what I’ve read so far equity release is for over 55s?

House is worth £300,000 but due to major house renovations we have debts of over £30,000 on credit cards & a loan.

antrobus

Milothefrenchie wrote: »

Hi, myself and my husband are both under 40 and own a house with no mortgage. How can we release some equity out of the house? Is this classed as a remortgage? From what I’ve read so far equity release is for over 55s?

House is worth £300,000 but due to major house renovations we have debts of over £30,000 on credit cards & a loan.

You neither want or need 'equity release' as such.

What you want is a traditional mortgage to refinance your £30,000 worth of unsecured debt. Go see a mortgage broker.

El_Torro

Equity release is essentially selling your house to the bank and them giving you permission to live in it until you die. Sounds like you just want a mortgage.

Milothefrenchie

That’s great, thank you for your replies

kingstreet

Unfortunately, "equity release" has been purloined as the genteel way of saying "I want to borrow more money, using my home as collateral" when it has a specific meaning in the financial services industry.

You want a remortgage, or a further advance or secured loan depending on who is going to provide it.