• To avoid moving home – It can be more convenient and cost effective to enhance your existing property, rather than move home. This can be financed by remortgaging or a further advance.
• To not lose money unnecessarily – When you took out your current loan, there will have been features that made it competitive and attractive to you. It may be that your incentive period is coming to an end, or simply that the market has changed. This could allow you to save money on your monthly repayments, or to repay your mortgage sooner. If your current lender doesn’t offer better rates or greater flexibility on its other products, you may want to consider switching your mortgage to another lender. You may be better off doing so, even if this triggers early repayment charges payable to your existing lender, as this could still mean a net saving to you.
• To get a lump sum for a special cause – You may have a wedding or education fees to fund. If your property value has risen, you could release some of the equity to help towards this.
• To consolidate debts – Remortgaging can allow you to release some of the value you hold in your home and consolidate other debts that can attract higher rates of interest than that of your mortgage (e.g. credit cards). Think carefully before securing other debts against your home. While debt consolidation often reduces the amount of monthly repayments, making them more affordable, it will normally involve extending the term over which you repay the debt(s), which often results in you paying more for the debt in total. Think carefully before securing other debts against your home.

Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.