Remortgaging to reduce other debts

Troy_3

Hello

I have noticed that people tend to be a bit wary about remortgaging to pay off other debts and as this is something I'm considering I'm wondering what I should be concerned about.

Our current monthly outgoings are 320 mortgage + 700 credit card payments = 1,020. By releasing some of our equity we could clear our credit cards and raise our monthly mortgage payment to approx 450-500. We would then be debt free (apart from mortgage) and at least 500 better off each month.

This seems to make good sense to me and I'm on the point of contacting my lender but thought I would sound out some more financially astute minds first. Does this seem like a good plan or are there any pitfalls?

Many thanks.