Releasing equity with a remortgage or further advance

Further advance: the fast route

A further advance is extra borrowing from your existing lender on top of your current mortgage. Because they already know you and the property, it is quick: apply online or by phone, a short affordability check, sometimes a desktop valuation, and the money can be in your account in one to three weeks. The extra borrowing is usually on a separate rate from the lender's current range, so your existing fixed deal is untouched.

Limits: most lenders go to 80% or 85% of the property's value in total, some to 90%; the minimum is typically £5,000 or £10,000; and you must pass the same affordability test as a new borrower, with the lender's stress rate applied to the whole mortgage.

Remortgage: the cheap route

A remortgage moves the whole mortgage to a new lender (or a new deal with the same one) at a larger amount. It takes four to eight weeks, involves a solicitor (often free through the lender), and lets you shop the whole market for the best rate. It makes most sense when your current fixed deal is ending anyway, so there is no early repayment charge to pay, or when the lender's further advance rate is poor.

Age and affordability

There is no minimum age. The maximum age at the end of the term varies: 70 or 75 for many lenders, 80, 85 or none for others, especially building societies. Past retirement age they will want to see pension income, and for a couple, that the survivor could cope. If you cannot pass the affordability test, this is the point at which a retirement interest-only mortgage or a lifetime mortgage comes in.

The cost

The rate is the rate: ordinary mortgage rates, which in 2026 mean roughly 4% to 5.5% depending on loan-to-value and the length of the fix. Fees are £0 to £1,500 for a remortgage, usually nothing for a further advance. The real cost is the monthly payment, for years. £50,000 over 15 years at 5% is about £395 a month, or £71,000 in total.

When it is the wrong answer

• You are on a very cheap fixed rate with years to run and a big early repayment charge: look at a secured loan instead, or a further advance.
• The payments would be a stretch: a mortgage you cannot pay is the one option that can lose you the home.
• The lender will not go to your age: RIO or lifetime mortgage.

Remortgages and further advances are regulated mortgages. A whole-of-market mortgage broker can arrange them; an equity release adviser can normally cover them too, or tell you when a mortgage broker is the better call.

A note on the numbers. Rates, loan-to-value limits, fees and timescales are typical figures at the time of writing (2026) and vary between lenders and with your age, health and property. This is information, not advice. Equity release must be arranged through an FCA-authorised adviser, who will give you a personalised illustration before you commit to anything.