Independent Mortgage Brokers
Debt Consolidation...
Debt Consolidation is similar to remortgaging as it involves adding your existing loans and credit balances to your mortgage. This is a good way of bringing down your total monthly outgoings if money is tight.
There has to be sufficient equity in your property to do this. It is important to realise that the value of your house could reduce in the future therefore most lenders will restrict you to borrowing a maximum of 85%-90% of the value of your home. Debt consolidation is becoming more and more popular especially with the rise in mortgage rates coupled with high credit card balances and loan commitments.
It is a way out for people before they get into trouble.
By switching your mortgage to another lender you will be charged the same rate on the whole loan but if you stay with your existing provider and just borrow extra money then they are likely to charge you a higher rate for the additional borrowing.
You can still consolidate your loans and credit cards even if you have missed payments and are suffering financial hardship so please complete our enquiry form and see what we can do to help.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice you can choose how we are paid, pay a fee of usually £500, or we can accept commission from the lender.
The FSA does not regulate legal advice and some forms of mortgage.
The overall cost for comparison is 9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
