Remortgage to release funds for home improvements

XEO25

Hello

I purchased my first home in Dec 2021 for £200,000 with a 10% deposit (via Kensington on 2 year fixed).

The property has recently been valued by several estate agents at an average of £240,000. I bought it cheap in the first place but have also done work on it.

In order to remortgage to release some of the additional equity, do I need to wait for the 2 years of the fix to expire or is there a way round this? If so does anyone know the usual fees / penalty if that's what it comes down to?

Thanks

K_S

@xeo25 To remortgage (change lenders) in year 1 of a 2 year fix, you will need to pay Kensington's ERC which is normally 3% of the outstanding amount so a bit more than 5k in this case. Your mortgage offer document will specify the ERC applicable.

Kensington doesn't offer further advances/additional-borrowing afaik, and even if they did I doubt they would upvalue a property bought 4 months ago by 20%.