If you’re a homeowner in York looking to access the value tied up in your property, you might think that remortgaging is the only way.

That’s not the case. There are other ways to release equity in York without changing your current mortgage deal.

These alternatives can be useful if you want to keep your existing terms or avoid the costs that come with remortgaging.

Understanding Equity Release Options

When we talk about equity release in York, we’re referring to unlocking the money in your home while still living there. Remortgaging is one way to do this, but it’s not the only route.

Depending on your circumstances, you might consider a further advance, a second charge mortgage, or a lifetime mortgage in York.

Further Advance: Borrowing More from Your Existing Lender

A further advance allows you to borrow more from your current mortgage provider. It’s a good option if you’re happy with your current rate and don’t want the hassle of switching lenders.

This is often cheaper than remortgaging, but the extra borrowing might come with a different interest rate. Repayments are usually spread across the remaining term of your existing mortgage.

Second Charge Mortgages: Securing a Loan Against Your Property

A second charge mortgage is another way to access the equity in your home without changing your original mortgage. It works by securing a separate loan against your property.

This can be useful if you’re tied into a deal or would face early repayment charges for switching.

Just be aware that this will mean having two mortgage payments to make each month, so it’s important to check that it’s affordable.

Lifetime Mortgages: Equity Release for Over 55s

If you’re 55 or older, a lifetime mortgage in York could be an option. It’s a popular form of equity release that lets you borrow against your home without the need to make monthly repayments.

The loan, plus interest, is paid back from the sale of your property when you pass away or move into care.

You’ll remain the owner of your home and can often choose whether to take a lump sum or smaller amounts as needed.

Date Last Edited: June 3, 2025