Remortgaging your home can be a way to release equity to enable you to consolidate your debts. While a remortgage will supply you with cash, it can result in higher monthly repayments and an increased mortgage term.
By remortgaging you can release equity that can be used to pay off your debts, or by switching to a lower interest rate you can reduce your monthly repayment. By changing from a repayment mortgage to interest only or taking a payment holiday you can save money in the short term.
Make sure that you find out from your existing lender whether you will be charged for changing your mortgage and whether there are any other costs involved, e.g. an administration charge.
For further information see House Remortgage
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.