By remortgaging, you may be able to access some cash against your home. This is known as equity. It’s the difference between your home’s current value and the amount owed on your mortgage.
Over time, you may find that the value of your property has increased as property prices go up, or following some home improvements you may have carried out. At the same time, you may have paid down your mortgage borrowing. Either of these events will result in an increase in the amount of equity available in your home. Combined, they can have quite a significant impact on the amount of it.