Remortgage/secured loan to go travelling?

Trouty

Hi Everyone

I am on a high speed route to debtfree bliss having set myself the target of clearing all non-mortgage debt by Sept 2007. My reason for doing this is I am going on global walkabout late next year and obviously want to have no payments to worry about whilst I am away. I have to save £700 a month minumum for 12 months in order to do this (quite tight on £27k ish salary!), but once I have reached zero (swoon) all my savings will be going into the travelling fund. I want a kitty of about £6-7k to go away with.

I have a mortgage on a flat I am letting out so mortgage payments are covered on that - what are your thoughts of me releasing a bit of equity (say up to £5k) from my mortgage in order to speed up my departure date come next year? I just know that after 12 months of flogging myself to death with money payments I am only going to be able to hang in for a couple more months before I can realistically not crack up.

I really don't know much about releasing small amounts of equity or secured loans for £5k - what are your opinions on it? Do you think it is irresponsible to add this amount to my mortgage?