A further advance is when you take a “top up loan” your current mortgage lender.
This is typically at a different rate to your main mortgage, and can be used to consolidate debt, fund home improvements or a new car, or help towards the cost of a wedding or life event.
You can spread your payment over a long term and your interest rate should be lower than a personal loan. Plus, the application process is quick and straightforward and are often approved with a week.
Alternatively you could consider:
Remortgage
Raise capital on your remortgage and borrow more than your current balance to use the funds to consolidate debt, fund home improvements or a new car, or help towards the cost of a wedding or life event.
A second charge
A secured loan against your home to borrow the equity towards the purchase of another property or to repay debt.
Your home may be repossessed if you do not keep up repayments
