If you’d like to a buy another family, both in order to rent out, as an additional family, to suit your students to reside, or virtually any cause, borrowing from the bank up against your current household shall be a sensible way to raise the expected currency. You’ll find potentially three ways to do this:

1. Taking out a deeper improve from your own newest financial.
2. Remortgaging the property and you can paying down people established mortgage and you may taking out an alternate financial having a heightened contribution.
3. Taking out a great second charge’ otherwise 2nd mortgage’ of a different sort of financial for the fundamental financial.

Borrowing from the bank similar to this can offer loads of pros. You need to talk with a separate Economic Mentor observe which ones possibilities is best suited for your position.