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Find debt solutions from your home
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A person's home is usually their most valuable asset - it's probably the most expensive thing you've ever bought, assuming you don't have a taste for luxury yachts. If you're a home owner, and looking for a solution to your debts, you might have the answer sitting right beneath your feet.
Re-mortgaging your home can be a successful debt solution, if used correctly. Finding the right mortgage can release any capital tied up in your property as a lump sum, which can then be used to pay off debts. If you're a home owner, you can re-mortgage your home with your existing mortgages provider, on a different mortgage product, or find a new mortgage provider altogether. It's important to note that there may be fees to pay on a re-mortgage, particularly if you're on a mortgage deal, for example a fixed term rate. Here, the important aspect is finding the right mortgage, to maximise the equity released and make the most of a re-mortgage as a debt solution tool. There are many different debt solution tools, another popular tool is a free debt management plan.
If you're a homeowner and you're aged over 55, an alternative to a re-mortgage could be an equity release plan, which is a popular debt solution for older individuals. It's a form of loan against your house, which is repaid on death, or in the case of entering long term care. You retain full ownership of your home until it is sold. As well as offering a lump sum of capital, many plans also release the equity monthly, which can help with debt repayment planning. The type of plan you'll be eligible for will depend on you age, the value of your home, and the providers and plans available. It's worth shopping around the different equity release deals if you're considering this as a debt solution.
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