Many people are happy with their current Mortgage but need to raise extra income for debt consolidation, home improvements, a car or as a deposit for a second property. These people often consider using their equity in their property and automatically think of a remortgage but this is not always the wisest and most cost effective way to do it. Below we outline a few of many situations were a secured loan may be a better route.
Your credit score has decreased since you took your original mortgage
If your credit score has decreased since taking your original mortgages then remortgaging will mean taking all your borrowing to a lender and product with a higher interest rate. You will be paying this interest rate on both the money outstanding on your mortgage and the additional funds that you raise. A secured loan means that only the additional borrowing will attract a rate that reflects your current credit situation and so usually be a more cost effective situation.
You want to borrow the additional funds over a different period than your mortgage
If you want to borrow the additional funds over a different period than your mortgage this is impossible by...
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