Debt Consolidation Mortgage

Debt consolidation mortgage, We can help with any finance you may need in order to help you out with your debts.

Situations change, and it’s unfortunately easy for you to find yourself in financial difficulty if you have a number of debts against credit cards, store cards and personal loans.

The constant worry about money can cause problems at home and put a strain on relationships, but there’s a way out of this if you own your own home.

With a debt consolidation mortgage, you can use the equity in your property to release yourself from your debts.

How does it work?

With a debt consolidation mortgage, you will typically remortgage a larger sum that covers both your existing mortgage and any debts you want to consolidate.

Consolidating debts within a mortgage is a common way to deal with finances that are becoming difficult to manage. They’re popular, because most lenders will look for some form of security for the debt repayments, and the most common choice for that would be the family home. In this case, the additional mortgage that is reserved to pay off your debts becomes known as a ‘second charge’.

What are the benefits of a debt consolidation mortgage?

By entering into a debt consolidation mortgage, you rid yourself of the worry of managing and dealing with multiple debt repayments.

Let’s say you have several credit card balances, a couple of store cards and a personal loan for your car. By consolidating all of those debts into your mortgage repayment, you only have one, single payment leaving your bank account each month.

The interest rate will be fixed, there’s no danger of missing multiple debt repayments and, as a result, you’ll find it much easier to budget. There really is no better peace of mind when you have multiple debts to repay.

Why Consolidate ALL debts into one loan?

  • You can organise your monthly budget
    Grouping all your debts into one loan payment means that you can organise your finances. 
  • Total repayments could be cheaper
    Your current debt interest rates combined could be much higher than the one loan interest rate. A smaller interest rate would mean savings.
  • You could improve your credit rating
    If you pay on-time every month and complete the loan repayments, you would be considered a responsible borrower. Therefore, it could help to improve your future credit score.

 

Are there any risks?

Securing any form of loan against your home carries risk, because if you fail to make your repayments, the home itself could be at risk.

We recommend considering a debt consolidation loan for your mortgage very carefully, but we’d be happy to discuss the options with you. To find out more, please do not hesitate to contact our friendly team.

Why choose Debt Consolidation Loans?

We want to help you work towards a debt-free future, and we do that by offering an honest, no-fee service that you can rely on. The decisions we make aren’t contained within software; our team will take your unique situation into account and offer a fair decision on your debt consolidation loan.

For serious money issues, please feel free to visit money advice service

Why Consolidate ALL debts into one loan?

  • You can organise your monthly budget
    Grouping all your debts into one loan payment means that you can organise your finances. 
  • Total repayments could be cheaper
    Your current debt interest rates combined could be much higher than the one loan interest rate. A smaller interest rate would mean savings.
  • You could improve your credit rating
    If you pay on-time every month and complete the loan repayments, you would be considered a responsible borrower. Therefore, it could help to improve your future credit score.