Without moving home, you can raise capital if you have equity in your property. This is known as re-mortgaging. You might want to re-mortgage to consolidate other debts, to pay for a wedding, a new kitchen, a new car, the list is endless. You can do all of this without even moving home! Re-mortgaging can be like giving yourself a financial health boost. Especially in testing times, releasing some cash from your current house may be just what the doctor ordered. Be aware though, that when you re-mortgage, you’re more likely to extend the term of the loan, which means you’ll be paying more for the debt in total.
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
