Updating post from Reddit.
Looking for advice. I currently own a property outright but would like to take some equity out for personal reasons. There’s never been a mortgage on the property. So my question is to release money do I need to apply for a mortgage, or go through the remortgaging process? TIA
The one I am doing at the moment has been processed as a remortgage, even though the proeprty is not subject to an existing mortgage. FWIW the lender is Mortgage Works.
Thanks I thought this was the case, good to have it confirmed
They call it a remortgage in either situation.
Thanks
I did this, it's called unencumbered mortgage, process is approximately the same as remortgage but with less stress. I went for HSBC at that time, but you will have a lot of options as you own your house outright, most lenders will be happy to have you as customer, so shop around until you find a good deal (ideally without a broker in between).