When you’re remortgaging you can also raise additional borrowing for things like:
Home finance related or improvements
🛁 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
💷 Buying a freehold title
💳 Paying off your Help to Buy equity loan in full
💰 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
💷 Raise the deposit needed for your next property purchase
🏦 Cover improvement works to your buy-to-let property or a second residence/Holiday home
🏖 Deposit or the full amount required for a property abroad
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Debt consolidation
💳 Consolidate your credit card and loans into one payment
💸 Reduce your monthly payments to make things more manageable
⚖️ 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
👩🏽🎓 School fees
📝 Divorce settlement
🚗 Car purchase
Home finance related or improvements
Think carefully before securing unsecured debt like credit cards and loans to your property as it will then form part of your mortgage and therefore secured on your home.
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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