Remortgaging early

[iddybiddymum]

Hello all,
We've been in our house for 1 year ( 2 year fixed rate). We've spent a lot of money renovating and hoping the value has increased.
Has anyone released equity early on the mortgage ( if there is any?)

You need to speak to your lender to see if you can increase your borrowing.

Do you mean you want to borrow more? That might be possible if you stay with the same lender, but remortgaging to another lender would be inadvisable depending on the early repayment charge

Yep just did it. Moved to cheaper rate 2 years into 5 year fix. Moved to different lender though as initial one didn’t offer the ltv we wanted after Covid saga.

@iddybiddymum we got a renovation loan alongside our mortgage as we'd have to pay to leave the fixed period to borrow more. Interest was about the same as the mortgage as we were borrowing against the house and it was linked to the mortgage and bank.

I'd speak to a broker; we were able to get an additional loan (it was at the same time as remortgaging, but is a separate loan).