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Consumer Home
02 March 2006
Anyone looking to sort out their finances by remortgaging their home should weigh up the options before taking any decisions.
Experts warn that while borrowing against the value of your home might seem attractive, especially if you are saddled with heavy debts, there are alternatives.
Personal debt is still a major issue in the UK but thanks to the intense competition in the financial services sector, there are various ways that people can avoid damaging their credit history.
Remortgaging can release the value tied up in your home, but in some cases, personal loans might be a better fit.
"The downside to re-mortgaging is that you may end up borrowing money over a longer period of time than you would with a personal loan," warns Emma-Lou Montgomery, editor of Moneywise.
The current climate of low interest rates mean that there are some great deals to be had on personal loans for people prepared to shop around.
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