You can find three options readily available for property owners attaining the end regarding the interest-free duration on their equity loan. You can look at to remortgage, stay put and pay back the loan (or simply the attention), or offer up and go someplace else.
You can remortgage your present home loan (the mortgage that is traditional took down alongside the equity loan) – this is certainly apt to be probably the most popular choices. This may be carried out in 2 various ways.
— Remortgage your standard home loan and keep the equity loan. — Remortgage to get rid of some or all the equity loan, meaning you will likely end up getting a larger standard mortgage.
Whether or otherwise not the remortgaging options above are doable or perhaps the most useful choices for you will definitely be determined by a true quantity of facets: