Yes, you can. Plenty of homeowners look for ways to access equity without changing their current mortgage.

This is often the case if you’re on a good rate or would face early repayment charges by switching.

Whether you’re planning renovations, supporting family or boosting your income after 50, there are other options to explore.

Although remortgaging in Derby is one of the more familiar choices, it’s not always the right fit for everyone.

Why Release Equity in Derby?

As house prices increase, it’s common for people to find themselves with a lot of equity locked into their home. Accessing this can help with large expenses, unexpected costs or long-term plans.

People in Derby often release equity to:

  • Fund home improvements
  • Pay off existing debts
  • Provide financial help to family members
  • Support income needs after retirement

For those age 50+ in Derby, it’s about making use of the home they’ve worked hard to invest in.

Secured Loans That Don’t Affect Your Main Mortgage

A secured loan, sometimes called a second charge mortgage, gives you the option to borrow against the value in your home while keeping your existing mortgage untouched.

This can be helpful if your current deal has early exit fees or if you’re tied to a low interest rate that you’d prefer not to lose.

Lenders offering secured loans will still want to see that you can afford the repayments alongside your existing mortgage.

The total borrowing is based on how much equity you’ve got and your overall financial position.

It’s often used in cases where the existing lender won’t approve extra borrowing, or when a remortgage in Derby wouldn’t provide the full amount needed.

Further Advance Through Your Existing Mortgage Lender

In some cases, your current mortgage provider might allow you to borrow more through a further advance. This avoids switching to a new lender or changing the main mortgage.

The extra borrowing usually sits alongside your current loan and may come with a different interest rate.

While this option avoids many of the fees associated with remortgaging in Derby, you’ll still need to meet the lender’s checks around affordability.

This tends to suit people who are happy with their lender and just want a cost-effective way to access additional funds.

Lifetime Mortgages for Homeowners Aged 55+ in Derby

For homeowners over 55, a lifetime mortgage provides a way to access equity without monthly repayments.

The amount you borrow is repaid when your property is sold, typically when you move into long-term care or after you pass away.

Some lifetime mortgage providers offer flexible features. You might be able to pay off interest voluntarily, or choose to draw down smaller amounts over time rather than taking a lump sum.

This route can work well if you want to stay in your home and use its value to support your lifestyle in retirement.

As always, it’s important to weigh up the impact on your estate, as interest can build up over time.

Home Reversion Plans: Selling a Share of Your Home

Home reversion is a lesser-used option, but it may suit some homeowners over 55.

It works by selling a portion of your home to a provider in exchange for a cash lump sum or regular payments, while you remain living there.

You don’t pay rent and can stay in the home for life. Since the provider owns a share, they benefit from any increase in the value of that portion when the home is eventually sold.

The amount you receive is typically lower than the market value of the share sold, and you’ll need to consider how this might affect any plans to leave an inheritance.

Bridging Loans: Temporary Funding for Short-Term Needs

When speed is essential, a bridging loan in Derby could be used to release equity quickly. These are short-term loans secured against your property, typically repaid within a year.

They’re often used to:

  • Complete a purchase while waiting for another sale to go through
  • Cover costs during renovations before arranging a mortgage
  • Tackle urgent financial needs where standard finance would take too long

Bridging loans usually come with higher interest rates, so they’re best suited to those with a clear repayment strategy, such as selling a second home or refinancing later.

Remortgaging Still Has Its Place

Even though alternatives exist, remortgaging can still be a smart move for many.

If your current deal is due to end, or if you can access better rates elsewhere, switching to a new mortgage with additional borrowing might save money in the long run.

Lenders have become more flexible around age, with many offering age 50+ mortgages in Derby that come with tailored criteria.

If your income is secure and you’re confident in meeting repayments, remortgaging can still be one of the most cost-effective ways to release equity.

Date Last Edited: June 3, 2025