Should I remortgage my home?

It may well not cost that much to remortgage - some lenders will waive charges to attract your business, though beware of the possibility of later clawing this back through redemption penalties or truncated introductory offers.

Many people who remortgage their property take the opportunity to cash in on its growing value and build a cash loan into the deal with their new provider. Such loans are commonly used to further boost the value of property through home improvements and you may be able to secure as much as £25,000 at the lender's SVR for this purpose, depending on a property valuation for which you will have to pay.

A similar sum may be available to pay for a car, school fees or even a holiday, though this may be available to pay for a car, school fees or even a holiday, though this may be classified as a secure personal loan and charged at a rate above the SVR.

You can also use released equity to fund a second home, and can even take out different remortgage loans over varying times.