Borrowing more money on your mortgage can be a cost effective way of borrowing money whether it be for Home Improvements, Debt Consolidation, wedding, holiday, deposit on another property, business purposes, the list is almost endless.
By borrowing the money on your mortgage you can often benefit from a lower interest rate as well as a longer term on the loan which can help make the monthly repayments more affordable, however, what happens if you are tied in to a particular rate on your main mortgage account? Often lenders will say you need to renegotiate the entire mortgage account which could result in heavy financial penalties to come out of the current deal.
If you have experienced this then it could be best to speak to a Professional Adviser who can either look at a further advance with your existing lender or even a second mortgage with another lender which will mean avoiding the Financial Penalties to move your existing mortgage.
Mortgage Magpie can introduce you to a Professional Adviser that can help you raise money on your current mortgage for any reason.