5 unusual things people remortgage to pay for

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 we would achieve if we won the lottery, but for many of us there is another way of getting our dreams without relying on six lucky numbers. Welcome to the whacky world of remortgaging...

Going back to school

Imagine hitting middle-age, and suddenly realising that you hate going in to work. Unfortunately, this can happen to the best of us as we suddenly take stock of our lives and it dawns on us that we are no longer happy in our roles. People can remortgage their house for a number of reasons, but one of the most rewarding must be to completely transform their professional lives in search of ongoing happiness in their daily work.

There are tales of people who give up huge wage packets in the city in favour of moving to rural areas and taking up chicken farming, or ditching career paths which have taken them years to achieve in financial services industries, to go back to school and retrain to be a seamstress, teacher, artist or even musician.

Whatever you decide to re-mortgage for, there can be no doubt that a complete change of career is one of the most unusual, and yet personally satisfying, ways of using the equity on your home to find lasting happiness.

IVF

It may seem like a strange idea to swap equity from property in favour of a quest for having children, but this is becoming more and more common as couples realise the potential of taking out cash from their homes in order to fund IVF treatment. With the cost of IVF sometimes reaching astronomical 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, continuing their jobs, and undergoing treatment until the happy patter of tiny feet comes along and makes their remortgage completely worthwhile…

World travel

Packing everything in and jetting off around the world may be something which many of us dream about, but it’s not often that we actually take the jump and go for it. When we are young, many of us choose to take a year out from studying before our career takes off and do some travel, but what happens if we missed that opportunity and always hankered after seeing more of the world?

These days, you don’t have to carry a backpack and a copy of Lonely Planet to see the world – you can simply remortgage your house, book a round the world ticket, and make like a student again in middle age.

Interesting hobbies

If you have a sneaky passion for philately or train spotting, can you imagine becoming so absorbed in it that it takes over everything else, leaving you hungry to pursue your interest full time? Many people do choose to let their hobby become the focal point of their life, packing in work 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 take out equity from their homes to support their passion. So, if you have a real enthusiasm for a hobby, from painting to polo, it’s worth considering whether or not you could release some equity to pursue your one great love!

Mid-life crises

It happens to all of us at some point. We wake up one morning and look in the mirror, and suddenly see a grown-up looking back at us for the first time. This can be disconcerting for people, and many of us seek ways of feeling better about hitting middle-age.

Whether this is by buying a new sleek sports car, having plastic surgery or simply renovating ourselves and our properties to keep up with the people next door, it’s amazing just how many people turn to remortgages to fund a mid-life crisis. The next time you look in to the mirror and start to count the lines, beware – you could find yourself releasing equity simply to go through a series of Botox injections!