Mortgage Refinancing

This means changing your mortgage to raise capital or make savings on monthly repayments. If the value of your house has increased since you bought it, you can 'unlock' capital by refinancing. This can be done with your existing lender, or by moving your mortgage to another lender.

Pros:

• Can be a cheap way to access cash
• You could save money on monthly repayments

Cons:

• Costs may be incurred - such as fees or penalties
• Look out for deals that seem too good to be true - they may be appealing in the short term, but tie you in to punitive deals after the initial 'honey pot' period