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ADDITIONAL BORROWING/FURTHER ADVANCE

If you are struggling with debt such as credit cards, personal loans, bank overdrafts etc., a way of solving this could be to remortgage and free some of the equity in your property. The advantages of this are:

i) You can consolidate debt into 1 easy monthly repayment.

Ii) The interest rate for a remortgage will be considerably lower than credit cards or loans.

iii) You can spread the repayments over a longer period.

In all cases, this will reduce your monthly outgoings and resolve the problem. But you must bear in mind that you are increasing the amount you owe against your property, and perhaps consider budgeting so that you don’t have to do this again in the future.