Remortgage to raise cash
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Remortgage to raise cash – compare deals
A remortgage to raise cash involves remortgaging with another mortgage provider such as a bank or building society, and simultaneously borrowing more money in the process. There are numerous reasons why you may want a remortgage to raise cash, such as:
- Redecorating or adding an extension to your existing property
- Paying off other debts
- buying shares in a joint-owned property – perhaps in order to buy out an ex-partner or house mate
- Purchasing the freehold on the property
- Purchasing vacant land next to the property for an extension or other purposes
- To fund a major purchase such as a new car
- To help fund a University education for your children
There are a few restrictions on how you can use cash raised via a remortgage. You cannot usually use cash raised with this type of remortgage to finance projects such as:
- Setting up a business
- Buy to let property purchases
Points to bear in mind when taking out a remortgage to raise cash
Remember that a capital raising remortgage is prone to bring about charges, for example,
- Arrangement and administration charges – these fees may apply even if you are remortgaging with your current provider.
- Valuation charges – if you are moving mortgage providers, the bank will need a current estimation of your property’s value before they will offer to a remortgage.
Find out more about a remortgage to raise cash
Call Remortgage-net.co.uk today for free information and advice on how you could raise cash by remortgage – our friendly team are available to speak to by calling 0845 450 9661.Request a free, no obligation remortgage quote