This feels like a silly question, but how do I increase my mortgage / free up some cash?
I have about 40% equity, and I want to increase my mortgage to help support the kids through uni. This would be about 5% of the house value, so put me at about 35% equity. The amount that it would increase my monthly payments is less than my existing overpayment, so I have no concern about affordability.
I am with Barclays, and according to animations on their website I can just click a button on their app to request it, but the button isn’t actually there in the app.
When I phone them up they say “if I want to go down the advised route” then I need to provide detailed quotes for everything the money will pay for, and provide proof of income and outgoings. No issue with providing income and outgoings, but I can’t provide proof of uni costs.
Apparently “the advised route” is where they advise me whether I can afford it and what type of mortgage to have. But all I want to do is release some of my existing equity.