Holly Mckay
Holly MackayFounder and CEO
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    • Home • Advice • Common questions

    Is getting more money on a mortgage a good way to raise some cash?

    12 July 2018

    Question by Louise

    Is getting more money on a Mortgage a good way to raise some cash? I have a tiny tiny mortgage on a London property and could do with £50k to spend on other stuff. Would I be better to get the money by remortgaging or borrowing?

    Answered by Holly Mackay

    Hi Louise

    Good question! Mortgage interest rates are incredibly low right now but so are loan interest rates. Either way, clearly the important thing is can you afford to pay the loan/mortgage repayments? Quite simply, the only difference remortgaging is that the money is borrowed against the value of your house and will probably be at a slightly lower rate than a loan which is unsecured so your house isn't at risk. Its always nice psychologically to think you have paid off your mortgage but I'd say its six of one and half a dozen of the other and will depend on what you feel more comfortable doing.

    Answered by

    Holly Mackay

    Founder & CEO, Boring Money

    I’ve worked in investment markets for over 20 years. I started out at Merrill Lynch Investment Management and worked at a few big names before setting up my first business in 2008.

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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