20 Jun, 2019

What is a Straight Switcher vs Switcher with Equity Release?

A Straight Switcher is where the amount of the loan that is switched to a new lender is the same amount as with the previous lender i.e. not borrowing more with new lender.

Whereas a Switcher with Equity Release is where you use the equity in your property to borrow additional money on top of your current mortgage amount.

Some lenders will allow debt consolidation and all lenders will allow further borrowing for home improvements however as this would be a release of equity Central Bank lending policy on loan to income would apply. A Straight Switcher is where the amount of the loan that is switched to a new lender is the same amount as with the previous lender i.e. not borrowing more with new lender.

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