If your property is worth more than the current mortgage, then you can normally release the additional money with a remortgage. Recent house price inflation has given many people much greater equity in their homes, meaning a remortgage can often be used to release enough funds to pay off all your other debts, and even give you an extra sum of cash at the end.

Remortgages are normally available up to the value of your home, but the amount you can borrow will depend on your personal circumstances and the amount of equity in your property.

Obviously this depends on your current mortgage and the size of your overall debt, but it’s usually possible to clear all your existing debts leaving you only one monthly mortgage payment – which can even be lower than it was before due to EmployeeDebtline’s access to some of the most competitive remortgages in the market.

More typical reductions however, are of between 25% and 50% of your total monthly debt payments, excluding your mortgage.

Absolutely. You can either use the proceeds of the sale to simply pay off your mortgage, or if moving to another property, you can usually transfer it to your new home.

Either way, contact us and we'll be happy to help you decide on the most suitable mortgage for you.

If you own a property with spare equity, a remortgage can be an excellent solution to clearing your debt problems. The main advantages are:

¤	your existing creditors can be paid off in full, removing the stress of further demands
¤	you make only one affordable payment each month, usually at a very low rate of interest
¤	your credit rating is unaffected, so your ability to borrow money remains in tact
¤	everything can usually be arranged within 30 days of the mortgage offer being made, quickly getting you back in control and avoiding any further trauma
¤	your employer will never know about your debt problems, unless you choose to tell them
¤	unlike bankruptcy, your details are kept out of the local press and you are free to continue running a business and working in any profession.

There are a number of factors which determine how much you can borrow, not least of which is how much your property is worth and the amount of spare equity tied up in it. Obviously your current mortgage terms are important, along with your current income and expenditure.

The most important factor however, is that you can afford to make the monthly repayments. Remortgages can be arranged for up to £1 million, but you should contact us first for advice on the best options for you, otherwise your situation could actually be made worse.

This is entirely up to you and will depend on how much you can afford to pay each month. We can help you decide the best period for your own situation, but most people choose to spread their repayments over a period of between 3 and 25 years. Some mortgages however, can be spread over much longer periods to suit your needs.

Individual lenders have different procedures, but in general they will apply the following steps:

¤	write to your existing mortgage provider to confirm the outstanding balance
¤	check there is sufficient value in your property to pay off your current mortgage
¤	send all the necessary forms for your signature
¤	repay your existing mortgage on your behalf
¤	write you a cheque for the difference between your new mortgage and the amount used to pay off the previous one.

You can then use the money released to pay off your existing debt, and if there is any left over, for whatever purpose you like. Either way, contact us now and we'll be happy to help you arrange the most suitable remortgage for you.

Yes – even if you jointly own a property with somebody else, such as your spouse, a remortgage will still be possible if they agree to it.

Yes, although you need to be very careful not to allow things to spiral out of control. Remortgaging your existing debts allows you to free up money for other things. You can borrow extra for a new car, a family holiday, or even a new kitchen. The important thing however, is that you don’t borrow more than you can afford, otherwise you could end up having more serious problems.

Depending on your personal circumstances there are several alternatives to a Remortgage, the main options being an IVA, Debt Consolidation, a Debt Management Plan, or even Bankruptcy. Each of these have their various merits, but for more information or a comparison between them, take a look at all your possible debt solutions.