Freeing up equity to fund new house renovation?

[Paniniz]

We are planning to sell our house and move away. We initially thought we would do this the straightforward (!) way...

We have found a property that is cash only and requires extensive work to become habitable (and mortgageable). Ideally we could buy it and get the key bits done, before selling the house we live in.

We could use our savings, but it's not enough. So could we remortgage or release equity to free up the remaining cash, then sell 6 months later? Or would a loan be better, as it's a short term thing before we sell?

I'd really appreciate any opinions/advice, as it's all an unknown to me!

Not an expert but I have recently released equity on my house to build an extension.

This involved taking out a new mortgage, so it was at a new rate rather than the previous rate, and on a new term (eg 2 years). If you could do that and port it to the new property then, that seems possible.

You could also take out the new mortgage and if it's not a crazy amount of money just pay it off early, incurring the early repayment charge. Normally they are about 3% so depending on the amount you need to borrow that might be something you are happy to swallow to get the new house.

Thank you

We are in the process of raising equity on a buy to let to property buy land (that's already in our SIPP so effectively paying ourselves)
It's complicated, many mortgage providers don't let you raise funds on a property if the money isn't being spent to extend/refurbish that particular property.

Your choice of lender will be restricted and the rate will be higher, 5% for us.

I'd recommend using a broker, ours found only three lenders.