YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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There are many reasons why you might wish to raise capital on your home. It may be to secure funds for anything from renovations to investing in another property.
What is capital Raising?
Capital raising mortgages are usually ways of remortgaging your house to release funds for other purposes. The cash could be for home improvements, a holiday, a new car or simply to consolidate existing debts. Many people use remortgaging to take advantage of lower mortgage interest rates when consolidating all their loans into one manageable monthly payment.
Is a capital raising mortgage right for you?
A capital raising mortgage can be a very useful solution to a financial problem whatever you need the money for. The lower interest rates mean that by increasing your mortgage you will likely pay less per month than getting an unsecured loan. However, you should consider the fact that it will mean larger mortgage repayments and a longer repayment term. There may also be early repayment penalties on your current mortgage.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.’ And ‘You may have to pay an early repayment charge to your existing lender if you re-mortgage.