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Additional borrowing

When you’re remortgaging you can also raise additional borrowing for things like:

additional borrowing

πŸ› This could be for things like a new kitchen or bathroom

🏚 You could borrow to extend the property by adding another bedroom, though make sure you have planning permission for this though

🏘 If you’re in a leasehold property you could borrow to extend the term of the lease

πŸ’· Buying a freehold title

πŸ’³ Paying off your Help to Buy equity loan in full

πŸ’° Buying land joined or separate to your property

🀝 Buying out a partner share of the mortgage

Buying or financing a buy-to-let or a second home
remortgage deals

πŸ’· Raise the deposit needed for your next property purchase

🏦 Cover improvement works to your buy-to-let property or a second residence/Holiday home

πŸ– Deposit or the full amount required for a property abroad

Debt consolidation
protect your income

πŸ’³ Consolidate your credit card and loans into one payment

πŸ’Έ Reduce your monthly payments to make things more manageable

βš–οΈ The interest rate on a mortgage will be substantial lower than things like credit cards and personal loans so you will save significant amounts

Other reasons could include
debt consolidation

πŸ‘©πŸ½β€πŸŽ“ School fees

πŸ“ Divorce settlement

πŸš— Car purchase

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. CONSOLIDATING DEBT MAY REDUCE YOUR OUTGOINGS NOW, BUT YOU MAY END UP PAYING MORE OVERALL. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

It is highly recommended after consolidating all consolidated loans and credit cards are closed to avoid repeat borrowing.

Read on to find out how much you can borrow and how mortgage lenders decide this in “How much can I borrow”

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