Remortage and would like to release equity

Wako2010

Afternoon
i have a mortgage on my property for 135K and my property is worth 220K.
i have a few debts and borrowed from family to renovate the property when i purchased 2 years ago. 
which is the best route to clear the debt (approx 60K) understand i may not be able to get it all cleared but would you remortgage or a loan against the property?
any reccomended brokers or banks to help me with this?

IAMIAM

I have done something similar. I have found it much more cost effective to product switch with current lender and take out additional lending. One is at a much lower rate and the 'extra' part isn't too bad of a rate. It works out much cheaper than remortgaging completely to a new lender where the rate is at the highest LTV for all of it.

K_S

Wako2010 said:

Afternoon
i have a mortgage on my property for 135K and my property is worth 220K.
i have a few debts and borrowed from family to renovate the property when i purchased 2 years ago. 
which is the best route to clear the debt (approx 60K) understand i may not be able to get it all cleared but would you remortgage or a loan against the property?
any reccomended brokers or banks to help me with this?

@wako2010 Is your fix ending any time soon? If so, a remortgage with capital raise may be the best route to take. You need a lender who is ok with using it to repay a family loan.

Given the numbers, it's very unlikely you'll be able to release 60k but should have options to take it up to 80-85% LTV with the right lender.

If you're still tied to the current lender, you could check out a further advance/additional borrowing.

Wako2010

Hi, yes, my fixed rate is ending in November this year. if i can release to 85% LTV that would cover majority of the debt and suit. Any advice for a lender up to 85%

K_S

@wako2010 If you would prefer to remortgage, and your fix is only ending in November, I'd recommend getting in touch with a broker after June/July to identify a suitable lender and product for your needs.