Additional lending remortgage is securing additional funds against your property via a further advance from your existing lender or a remortgage to another lender. Some additional lending remortgage reasons: Home improvements, Debt consolidation, Raising a depos (property purchase), Buy partner out (separation) and Financing a large one-off event (wedding). We would encourage you to read our Guide Suitable Versus Unsuitable reasons to Remortgage.
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyhelper.org.uk/en
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE You may have to pay an early repayment charge to your existing lender if you remortgage.
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