Raising Cash (Remortgage) on a Mortgage Free Home

DollyTheSheep

We paid our mortgage off in 2017, so are now mortgage free on our home, which is worth £200k. We are both 45 years old. We are looking to raise £30k for an extension to the house.

I have looked at various "remortgage" options and they all seem to have required sections for "when does/did your existing mortgage offer end" and "how much left to pay on the mortgage". I know things like equity release exist (something we don't wish to use), but is it possible to actually raise cash on a mortgage free home using a regular remortgage financial product?

Thrugelmir

Not a remortgage. You need what is often termed a homeowner loan. 

Here's an example

https://www.nationwide.co.uk/products/loans/home-improvement-loans

K_S

DollyTheSheep said:

We paid our mortgage off in 2017, so are now mortgage free on our home, which is worth £200k. We are both 45 years old. We are looking to raise £30k for an extension to the house.

I have looked at various "remortgage" options and they all seem to have required sections for "when does/did your existing mortgage offer end" and "how much left to pay on the mortgage". I know things like equity release exist (something we don't wish to use), but is it possible to actually raise cash on a mortgage free home using a regular remortgage financial product?

@DollyTheSheep Yes it is indeed possible to mortgage an unencumbered (mortgage free) property. 

Depending on the lender, some will term it a purchase mortgage and some will term it a remortgage. In either case, lenders will look at your circumstances for borrowing irrespective of how they define it.

Assuming you have the income to support a repayment mortgage of 30k, it should be fairly straightforward.

Given the relatively low loan size (and the fixed costs involved with taking out a mortgage), it may be worth exploring other shorter-term options such as personal loans etc as well to see what works out best.