Remortgage & Release equity

sukh38

Hi All,

Very sorry this seems like a simple question but I cant get my head around it.



So I have a BTL property with a £96,000 mortgage left to pay (Fixed term to expire in Oct 2021) the property is now valued at £150,000.  (I initially put £35,000 down)

As the fixed term is coming to renewal I want to remortgage and release some equity of about £15,000.

I can't get my head around the part when I do a comparison and I select remortgage (Enter £96k mortgage and £150k value) I get back LTV of 65%.but how do I inform the finance company £15k of that is equity I need?

Again sorry first-time remortgage to release equity so this is probably very simple

Many thanks in advance.

  

julicorn

You'll have to enter the full amount you want to borrow, so £111k (£96k to cover the outstanding loan, plus the £15k you want to have left over after). 

dimbo61

Please make sure you get all the checks done !
EICR, GSC, EPC, Fensa Certificate for the windows.
Your looking at 75%LTV with a £111,000 mortgage on a £150,000 property.
Don't forget the mortgage fee and other remortgaging costs