I own my house outright, can I remortgage?

Many people strive to be mortgage-free, and getting there can feel like a huge achievement. But life is unpredictable, and on occasion, you might need a cash influx. So can you remortgage a house that you own outright to borrow more? 

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Is it possible to remortgage an unmortgaged property? 

Remortgaging can give you access to a big lump sum, as the loan is secured against your property, which reduces a lot of the lender’s risk. When you’ve already repaid your mortgage, there’s even less risk to the lender, as you’re securing the debt on the full value of your home. 

This can enable you to get more money than you’d be able to borrow with a traditional loan, and at a lower interest rate than with some other types of finance.

Of course, as with any mortgage, you run the risk of losing the property if you fail to keep up with your repayments.

How do I qualify for this type of remortgage? 

As with any mortgage application, you’ll still need to meet the eligibility and affordability criteria.

Like other remortgage applications, the lender looks at:

  • The current value of your property

  • The amount you want to borrow

  • Your ability to repay the mortgage debt - so the size and reliability of your income

  • What you intend to do with the money (lenders tend to accept reasons such as buying a second home, renovating your current one - business investment can be tricker)

How do I remortgage a property I own outright?

There really isn’t a difference, you would go about it in the same way you'd remortgage any property.

It’s always best to compare deals first, and once you’ve found the deal that best suits your requirements, you’ll need:

  • Proof of address

  • Proof of ID

  • Previous 3 months' bank statements

  • Previous 3 months' wage payslips or 2-3 years of SA302s for self-employed income

You can easily compare all the remortgage deals available to you with Mojo. It takes a few minutes and if you need it, we can also offer you expert advice and even help you apply – for free.

How much can I remortgage a house I own for?

Usually around 80% LTV is the most you tend to get when remortgaging a house you already own. So a lender will give you as much as £80,000 for every £100,000 your property is worth.

However, the amount they are actually happy to lend in any specific circumstance, depends how you intend to use the money and how able you are to afford the repayments. For example, if you’re retired and the lender has concerns about how you’ll afford repayments, they may offer you a lower LTV loan to reduce their risk. A mortgage advisor can guide you through applying for your remortgage, from start to finish.

Is remortgaging an owned property different to equity release?

Absolutely, yes, equity release is an entirely different financial product with specific industry guidance requirements. However, both equity release products, lifetime mortgages and home reversion plans, do involve using your home as collateral. 

With equity release, however, unlike a remortgage, the money borrowed is not repaid until the policy holder(s) dies, or the house is sold.