Can you release equity during a mortgage fixed term?

[superhans88]

I'm unable to ask my bank about this at the moment as it's priority calls only but was hoping someone here would know if it can be done or not?

I'm currently halfway thorough a 5 year fix with Nationwide and have about 40% equity. I was hoping I could pull out 10 or 15% to complete some upgrades including a new roof once we're all (hopefully) back to normal. Do you think I'd get hit with redemption charges or is it standard practice to lend more to existing customers within their term?

I'm also wondering if this is the most sensible way to raise funds, the risk being that we could be moving into a high inflation/interest rate environment once the economy is back on its feet after the government's bailout?

[Sarnie]

Yes, nationwide will provide you with a further advance, on a different rate to your main mortgage balance.......no need to incur the ERC's of your current balance.........you will need to contact them directly but that will be difficult in the next few weeks....

[Mattt]

Look at what the long term costs would be by adding it to the mortgage, versus a short/medium term loan.