How to borrow more money against your mortgage

Some mortgage products allow you to actually borrow more money than you initially took out.

Such products are usually referred to as Flexible Mortgages for obvious reasons, and they can be ideal for people who need a bit of financial flexibility.

The way these products work usually is to go give you what's called a mortgage reserve, which works along the same lines as having an overdraft that is secured, this time against the value of the home.

It might be useful if you have some expensive DIY costs that you need to incur for instance and it can save the hassle of taking out a loan and having a separate product to repay there.

Usually these things are fairly flexible as to how you pay it off and this could be with a lump sum or regular payments.

So if you have a mortgage with a provider and need to borrow more money, rather than thinking loan straight away think about the option of whether it might work for you to use a product like a flexible mortgage and keep the number of financial products you have a little lower.

It's not for everyone and needs to be used responsibly, but for those who need that bit of flexibility with their money from time to time it is a solution that, at the very least, is well worth considering.

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