Have you ever thought what you would do if you suddenly came in to a lump sum of money? We all have dreams about how we would spend our time, or what possibilities we would have after winning the lottery, but for many of us there are other, more realistic ways to achieve our dreams. This is the crazed world of remortgaging, where seemingly sensible people take a chunk of equity out of their homes to fund some very funny things. Here are the most common 5 reasons¦
Going back to school
Imagine hitting middle-age, and all of a sudden you hate the idea of work day after day. Unfortunately, this may happen to any of us as we suddenly reevaluate our lives and it dawns on us that we are no longer happy in our roles. There is no single reason why people remortgage their home, but one of the most rewarding must be to completely transform their professional lives in search of ongoing happiness in their daily work. and taking up chicken farming, or ditching career paths which have taken them years to achieve in financial services industries, in order to return to school and reskill in being an artist, musician, seamstress or even teacher. Whatever your reason for remortgaging is, there is little doubt that a total change in career is one of the most uncommon, and yet personally satisfying, ways to free up the equity on your house for finding long lasting happiness.
IVF (In Vitro Fertilisation)
It may seem like a strange idea to swap equity from a property in favour of a quest for having children, this is however, becoming more and more common as couples realise the potential of taking out cash from their homes in order to fund IVF treatment. As the cost of IVF can easily reach massive levels, remortgaging can present a fantastic opportunity for people to realise their dream of having a family without compromising their existing standard of living. Couples can take the opportunity to gain equity while remaining in their homes, sticking in the same job, and undergoing treatment until the happy patter of tiny feet comes along and makes the remortgage completely worth it¦
Travelling
Packing everything in and jetting off around the world may be something which many of us dream about, but not very often do people make this dream a reality. Many of us choose to take a year out of studying when we are young before our careers take off and do some travelling, but what happens to those of us who have missed the opportunity and have always wanted to see a lot more of the world? These days, there is no reason to go around with only a copy of Lonely Planet and a backpack you simply need to remortgage your house, order a round the world ticket, and act like a student again in middle age.
Passionate hobbies
If you have always been interested in train spotting or philately, can you imagine becoming so absorbed in it that it takes over everything else, leaving you hungry to pursue your interest full time? A lot of people are recently allowing their hobby to become the main focus of their life, quitting their job in order to pursue an interest in topiary, yachting, cooking or even reptile breeding on a permanent basis! Because of this, the more intrepid enthusiasts among us often seek cash to fund their interest, and so take out equity from their homes to provide financial support for the passion. So, if you have a genuine passion for a hobby, be it polo or painting, it’s worth considering whether or not you could release some equity to pursue your one great love!
Middle-aged crisis
This will happen to all of us at some point. One morning we wake up and look in the mirror, and suddenly see a grown-up looking back at us for the first time. This can be very disconcerting for people, and so a lot of us find a way of feeling better about being middle aged. This can range from having plastic surgery, to renovating our personal look, buying a new slick sports car, or changing our property to keep ahead of the neighbours, it’s amazing just how many people turn to remortgages to fund a mid-life crisis. Next time you find yourself counting wrinkles in the mirror, beware you might soon find yourself releasing equity from your home to pay for a brand new sports car!
