I’m Charles Calvert, a mortgage broker at Easy Mortgages. This is general information, not personal advice. Always check the figures against your own situation before you decide anything.
Want to remortgage to release equity? That means borrowing more against your home — usually by moving to a new deal with a higher loan — and taking the difference in cash. People use it for home improvements, helping family with deposits, or consolidating debts. It can be useful. It also increases the loan secured on your home, so it needs clear eyes.
In July 2024, with many Hampshire homeowners watching rates carefully after a long stretch of elevated pricing, equity release via remortgage is still possible — but higher loan-to-value bands can cost more, and affordability is re-tested on the larger loan.
How it works in practice
We look at your property value, current balance, target cash amount and the loan-to-value (LTV) band that creates. Higher LTV often means a higher rate. The new lender re-underwrites affordability on the larger loan. Early repayment charges on your current deal can wipe out the benefit if you leave a fix early.
If you are still inside a fixed period, we weigh the ERC against the usefulness of the cash and against waiting until the fix ends. Sometimes waiting is cheaper. Sometimes the works or family need cannot wait — then we price the true cost honestly.
Common reasons — and cautions
- Home improvements. Often the cleanest story for underwriters, especially if works add value. Keep quotes and a simple scope ready.
- Gifting a deposit. Source-of-funds trails matter for the recipient’s purchase too. Plan the paper trail before money moves.
- Debt consolidation. Can lower monthly outgoings but may cost more in interest over a long mortgage term. Needs careful total-cost comparison, not just a lower monthly figure.
This article is about releasing equity by remortgaging a residential loan. It is not a guide to lifetime equity release products for older homeowners — those are a different regulated market with different advice rules.
Risks to weigh
Your mortgage balance goes up. Payments may rise even if the rate looks similar. If house prices soften, higher LTV leaves less headroom next time you remortgage. Affordability stress tests assume rates can be higher than today’s pay rate.
For Fareham, Gosport, Portsmouth and Winchester homeowners, local sale evidence still matters for the valuation. Optimistic online estimates are not what the lender’s valuer has to agree.
Fees
My remortgage fee is £299, payable only when you receive the full mortgage offer. Lender arrangement fees, valuation and legal costs may also apply — we factor them into the comparison. Product transfers (no extra borrowing, same lender) carry no fee from me, but they do not release equity.
If you want to know whether a cash-out remortgage is realistic before you get quotes for a kitchen or loft, send me your approximate balance, value and cash target.
Valuation reality check
Online estimates are a starting point, not the lender’s figure. In Fareham, Gosport and Winchester postcodes, street-by-street differences are real. If the cash you need only works at the top of an optimistic range, we should know that before you pay for a valuation.
Where works have already started, tell the lender’s valuer what is done and what is left. Half-finished projects can confuse valuation more than a clear “before” or “after” story.
Second charges vs remortgage
Sometimes a further advance from your current lender or a second charge loan is discussed as an alternative to a full remortgage. Each has different pricing, criteria and risk. I will say plainly when a clean remortgage looks simpler — and when it does not.
A Fareham broker’s closing thought
Every Hampshire case turns on its own income, credit and property detail. The sections above are a map, not a personal recommendation. When you are ready, bring your numbers and we will test them against current lender criteria together — calmly, and without obligation on the first conversation.
If you would like to talk this through for your own numbers, you can get in touch here or email contact@easy-mortgages.co.uk. I am based in Fareham and help clients across Hampshire.