Can I remortgage to pay off debt?

Generally, as long as you qualify for the mortgage, you can probably raise money to repay other debts.

It depends on your overall financial circumstances, lenders will apply their normal affordability calculations which take account of income, current mortgage as a percentage of the property value, the amount of the debts to be repaid and any that will remain outstanding, your age and credit history.

Mortgage lenders will all have their own individual approach. Some will lend up to a maximum amount, say £25,000, to pay off other debts. Others will limit the mortgage to a maximum percentage of the property value, often 75%.

They will also want to be sure that the money being released is actually going to be used to settle the other debts. Your mortgage adviser will be able to find a lender that fits your individual circumstances.