Each year, around 60,000 couples seek IVF treatment in the UK. Although many of these couples are eligible to have the procedure for free on the NHS, others are required to fund the treatment themselves.
How remortgaging can help
From working several jobs at once and reducing expenses to setting up a crowdfunding page and borrowing money from relatives, many couples have gone to great lengths to save for IVF. In some cases, people travel abroad for alternative fertility treatments because a tight budget rules them out from procedures in the UK.
However, there is another option that’s growing in popularity. Some couples choose to remortgage their homes to free up equity that can then be spent on IVF.
Here at TaylorMade Finance, we can help you remortgage your property and access the funds you need to invest in costly fertility treatments. Remortgaging can help you in two ways:
Remortgaging to free up equity
If you’d like access to a large sum of money in a short space of time, remortgaging could help. You’ll need to borrow against the value of your home by taking out a new mortgage that is larger than your existing loan. This could cost you more money in the long run because you’ll owe interest on a larger sum, but you’ll gain access to the money you need for IVF.
With our help, you can keep the long term cost to a minimum. We’ll compare hundreds of mortgage deals before pointing you in the direction of the ones that suit you best. This means you’ll receive the money you need for treatment, without taking on more debt than is absolutely necessary.
Remortgaging to reduce your expenses
Some people choose to remortgage their property to reduce their monthly expenses. This is usually achieved by selecting a better interest rate or lengthening the mortgage over a longer period of time. By reducing your expenses, you’ll be able to divert more of your income towards your savings goals and gain faster access to your fertility treatments.
Before remortgaging, it’s important to check whether you will be expected to pay any fees or charges. Here at TaylorMade, we can help you compare countless deals on the market before finding the cheapest. We’ll look at more than just the interest rate; we’ll also assess cashback deals, early repayment charges and any associated fees to find the ‘true cheapest’.
TAYLORMADE TOP TIP
Schedule in a reminder at least 3 months before your current mortgage deal is set to expire. This will give you time to shop around and get your remortgage application completed in time for you to switch to a better deal. If you leave it too late, you may automatically be moved onto a potentially expensive standard variable rate (SVR).
Need more information?
Looking to learn more about any of our specialist services? If there’s anything you’d like to know in more detail, or you’d simply like to discuss your specific circumstances with one of our mortgage advisers, you can do so simply and easily.
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