If your property has increased in value or you’ve paid down a good portion of your mortgage, you may be able to access additional borrowing. This can be done either through your existing lender or by remortgaging to a new one.
People commonly raise funds for:
- Home improvements
- Weddings
- Holidays
- Debt consolidation
Home improvements are the most popular reason, especially when considering whether to move or improve. Sometimes the home you already have can be adapted to suit your needs — new kitchens, bathrooms, extensions, or updated windows can all enhance your living space and may increase the value of your property.
Borrowing through your mortgage often results in lower monthly payments compared with a personal loan because the term is longer. However, it’s important to remember that spreading borrowing over a longer period usually means paying more interest overall. It is important that you weigh up the pros and cons and explore the most costeffective route.
