Equity Release Without Changing Lender?
Getting equity release without changing lender is perfectly possible and obviously your first port of call is your current lender.
You need to apply to them for a further advance or what is termed a secured loan or second charge on your property. Everything should be fine so long as you can satify your current lenders lending criteria. If you are successful this is likely to be one of the most cost effective methods for equity release without changing lender.
However given the current credit squeeze it could be that you no longer match your current lenders criteria or you may be declined because they have received a report from one of the main credit agencies like Equifax or Experian that you had a low credit score due to some bad credit information on your credit file.
If you find that this is the case and still have a desire to release equity without changing lender for your current mortgage you could still apply via specialists like The Bad Credit Mortgage Centre who specialise in helping clients achieve their goals such as releasing equity from their property, by using lenders who appreciate the nuances that can affect your credit score which may result in a bad credit record.
So if you need help with equity release without changing lender for your existing mortgage but are open to investigating alternative options such as a 2nd charge, just give us a call for a friendly chat…
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