Your mortgage may have an early repayment or redemption charge. They can be hefty if you are still in the period of a special deal mortgage, such as a fixed, discounted or cash back mortgage.
There may be other costs involved. Even if there is no early repayment charge, your lender might make an administration charge. If you are switching to a new lender, your home will have to be valued and there may be legal costs to pay. You also have a brokerage fee to pay. However, these fees can sometimes be added on to the mortgage amount.
By remortgaging your home you will end up paying more, and it will take you longer to become financially free.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.