Equity release

If you own a house and you have sufficient equity in the house you may be able to apply to your bank and redraw on your existing mortgage to repay your debts. Typically a bank will not allow you to redraw on your existing mortgage unless your house has raised in value or you have paid off sufficient balance to allow the redraw (in other words you have repaid more than you want to redraw).  If your existing bank will not allow you to redraw you can always approach another bank to refinance your mortgage.  In refinancing your existing mortgage you could borrow enough money to pay out your mortgage and your unsecured debts at the same time. The benefit of doing this is that the rate of interest is usually lower and the monthly repayments will be less.