Equity release in my 20’s

COYI123

Hello everyone , I am in my 20’s and have made a significant amount of equity in my house since first buying it a couple years ago , I was wondering if I could release some equity in my house whilst only being in my 20’s? I have read loads but apparently you have to be at least 55?

Neilos9

Look up Remortgage, not equity release.

user1977

Think you might be confused - "equity release" products are the ones where you don't make any repayments, and instead the lender just takes the rolled-up interest when you sell. But they're restricted to borrowers who (realistically) will have to sell within the next couple of decades, not those who might still own the property 70 years later. You just want a standard mortgage.

kingstreet

It's just a euphemism for borrow.

Nailer99

The only way to release the equity and be able to spend it is to sell the property. You can probably remortgage with a larger mortgage and get some money back from the bank, but this would effectively be a loan (because you’ve just increased your mortgage and you now have to pay it back).  

K_S

COYI123 said:

Hello everyone , I am in my 20’s and have made a significant amount of equity in my house since first buying it a couple years ago , I was wondering if I could release some equity in my house whilst only being in my 20’s? I have read loads but apparently you have to be at least 55?

@COYI123 What you are looking to do is called a capital raise remortgage, essentially a remortgage for an amount which includes the current outstanding plus the amount that you want to release.

If you're currently in a fixed period and can't remortgage to another lender, then you'll need to look at doing a further-advance/additional-borrowing with your current lender.

london21

No age limit can be 25,35,45 etc, just adds years to your mortgage. 

Called remortgage.

They will ask you the purpose for example home improvement, debt consolidation etc.....