Can I Consolidate My Debt before Applying for a Mortgage?

If you’ve always wanted the security of owning your own home, you could take one step closer by consolidating your debt before a mortgage application. Consolidation can help to straighten your finances out and improve your financial health, which is exactly what a mortgage lender is looking for.

Why consolidate debts before applying for a mortgage?

When anyone applies for a mortgage, the lender checks the credit report. In doing this, the lender will be able to see your financial history, your loans and credit cards or store cards. Your history will also detail missed repayments or a county court judgement.

A prospective mortgage provider is looking for evidence that you can repay what you’re asking them to lend you. If they can see that you’ve struggled to pay back loans in the past, they may reject your application.

If you have a lot of outstanding debt – even if you are repaying it – a mortgage lender can decide that you’re too great a risk and that the mortgage could push you in financial difficulty.

Mortgage approval is partly calculated on risk and ‘what if’ scenarios. However, giving a potential mortgage lender a history of regular repayments should give the lender something positive to consider.

You’ll have paid of multiple debts and showed continued on time and in-full repayments, showing sound financial responsibility.

How do debt consolidation loans work?

Debt consolidation loans mean that you can repay your lenders and take control of your debts. Your loan amount should cover your debts, you should pay off your existing debt and close those accounts and you will be reducing your payments to one manageable monthly payment.

You may be eligible – why not find out today? It’s free and you’ll be able to find out if debt consolidation loan is right for you. If your goal is becoming a home owner, then we could be able to get you on the road to property ownership.

Simply click the button to get started. If your loan is approved, you could have consolidated your debt, paid off your lenders and be working towards your home purchase tomorrow.

Why we’re the best

Why would you choose Debt Consolidation Loans over our competitors? We think the reason is simple, and that’s because our service is as simple as it should be! With our help you will pay off credit card quick.

We also make the decisions as they should be made – by humans, rather than software. We’ll take your situation into account and do everything we can to consolidate your credit card debt into one monthly payment.

Contact us

How to get rid of credit card debt? Well, then Let us help you reach a debt-free future! To find out more about our consolidated loans for credit cards, just get in touch with our friendly team, today.

If you have serious money concerns and need some free impartial advice the money advice service can help

Why is it a good approach to combine all your debts into one simple consolidated loan payment?

  • You can use this opportunity to fix your personal finances 
    Thinking about how to get rid of credit card debt? A debt consolidation loan could help you out. Complicated debt payments being taken out of your bank account this day, that day or every other day will confuse anybody – plus, how can you budget your household bills around it? It makes sense to have just one simple streamlined monthly payment to help you get back in-control of your finances and less likely to default on a debt payment.
  • A loan could cut down the total amount of debt you owe
    It may actually seem too good to be true to say this, but by re-packaging all your current debts into a loan, you could negotiate a smaller interest rate, which will eventually save you money in the long-term.
  • You can eventually develop a better future credit score by completing the full-term of your loan
    Being focused on completing all your loan payments on time and in full will improve your credit card score in the long-term because it proves that you are a responsible borrower. It opens up future lending opportunities at better interest rates.