Particular advantages even reference family guarantee funds as second mortgage loans Remortgage to own renovations Remortgaging occurs when your switch out of your present home loan to another home loan with an increase of of use fees terms and conditions, such down desire on monthly premiums. The brand new planned the brand new mortgage is utilized to spend the total amount your are obligated to pay for the current home loan so you nevertheless have only you to definitely financial at the same time. But while finish the first financial earlier than arranged, you are at the mercy of very early installment costs. After you remortgage for renovations, as opposed to wanting a separate payday loans with no credit check in Carbon Hill AL mortgage that simply takes care of your financial, you appear having a mortgage one does that and significantly more. Such money is actually shielded which have family equity however, always come with a fixed rate of interest Including, whether your most recent mortgage has an excellent ?a hundred,100000 harmony along with ?70,100000 household security, you can turn-to remortgage to have ?130,100000 rather.