Child benefits from the government could affect the potential to afford a house as the amount of supplement for many could be changing.  Those homeowners planning to remortgage in the near future could be in for a rude awakening.  The latest rules regarding child benefits are changing with the decreased amount given to families not only affecting their ability to remortgage or move home, but also coping with the daily expenses which come up.

Ray Boulger of John Charcol, the mortgage broker, commented on the latest change in benefits, saying: "Clearly not all families who are losing this benefit will struggle to remortgage next year. But if you borrowed the maximum when you last remortgaged, have not had any significant pay rises since then and have two or more children, you could be in trouble."

Remortgages continue to be widely underused for a number of reasons.  Homeowners who are planning to remortgage could be running into problems as mentioned above, or in other cases it is simply a matter falling short of the required amount of home equity which is necessary for approval.  Whatever the reason for not choosing the remortgage option the benefits remain available to all who can be approved.

Those benefits include walking away with extra cash at the completion of the process to use wherever necessary.  Some homeowners are due for some home improvements.  Others could have outstanding debt which needs to be paid off.  Still others could just be in need of a long holiday.  Remortgages could possibly make these things possible along with so much more.  At the very least, remortgages make it possible to continue living in the current home and with approval, pay a lower monthly payment.