Easier to remortgage with low equity than 100% equity?
Posted: March 1st, 2024, 5:59 pm
Hello All
I'm lucky enough to have paid off my mortgage some time ago but now I want about 10% of its value "released" as cash. Looking at all the mainstream comparison sites and banks/BS themselves, they seem all set up for those who have an existing mortgage they want to re-mortgage. But I never see an option to compare or even apply for a new mortgage on my own home.
As a lender I would have thought the more equity the borrower has the better but seems I'm wrong ? How to get a "normal" non-specialist mortgage one one's own property?
I'm lucky enough to have paid off my mortgage some time ago but now I want about 10% of its value "released" as cash. Looking at all the mainstream comparison sites and banks/BS themselves, they seem all set up for those who have an existing mortgage they want to re-mortgage. But I never see an option to compare or even apply for a new mortgage on my own home.
As a lender I would have thought the more equity the borrower has the better but seems I'm wrong ? How to get a "normal" non-specialist mortgage one one's own property?