Method 4. Consolidate all your loans

Consolidate all your loans into one place to reduce your mortgage and then increase to the same repayment level will release a large chunk of equity. You have monthly credit card bills for a car loan, etc.

For example, if you have your total outstanding loans worth £ 10,000, and your total monthly repayement is £ 240, switching to a 5% interest only mortgage will release an extra £ 47,600.

Let's do it now with your values:

REMEMBER: If you are using this method cancell all your cards(or lock them in a draw) when the cards are paid off. It is all to easy to run up the same balances again if you still use your cards.