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Letter C

Capital raising

When you take out a remortgage, (move your mortgage from one lender to another but don't move house) your new loan pays off the existing/outstanding mortgage any surplus monies applied for beyond that needed to repay the original debt is deemed to be capital raising.

You can, depending on your lenders particular criteria, capital raise for many purposes such as debt consolidation or home improvements but it is wise to ensure that your lender allows the type of capital raising that you might require before applying for your remortgage.