Debt Consolidation Mortgage

The prospect of owning your first home can be exciting, but thinking about how you are going to get yourself onto the property ladder can be daunting and overwhelming at the same time.

However, it doesn’t have to be that way, with our help and guidance.

There’s a good chance that at some point in your life you have had an unsecured credit card or a personal/business loan.

If you’ve had an unsecured form of borrowing, you’ll find that you will usually be paying more interest than if you secured it. Why? Because the bank’s theory is: the greater the risk in lending, the more interest is applied.

When you’re paying more interest than the actual debt, it can make you feel as though you are chasing your own tail and that your debt will never be cleared. But with our help, we can help you see the finish line.

If you have a mortgage and existing debt, a debt consolidation mortgage could settle what you owe and put an end to the never-ending cycle.

What is a Debt Consolidation Mortgage?

If it seems like your debt just won’t go away, there’s a reason. It’s because your payments are just paying the interest. Paying the minimum amount might seem like the most affordable option initially, however it can take decades pay off credit cards. The best option for you might be a debt consolidation mortgage.

A debt consolidation mortgage is where a person will take out a mortgage that is big enough to pay off an existing mortgage, whilst also covering all existing debts. By consolidating your debt, you can reduce your outgoings and it can help provide you with a solid structure for paying back what you owe, over a timeframe that’s comfortable and affordable for you.

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Why Choose a Debt Consolidation Mortgage?

People usually opt for a debt consolidation mortgage as it can dramatically reduce the interest rate you pay, which lowers your overall monthly payment and helps you pay off your debts quicker. Seems a no-brainer, right?

It can also simplify the financial responsibility into one monthly commitment so that you no longer have to worry about keeping track of numerous different payments on cards and loans that go out on different days of the month – adding more structure to your outgoings.

A debt consolidation mortgage keeps things nice and simple and puts you in control of something that once had control over you.

How Can I Consolidate My Debt onto My Mortgage

You can consolidate your debt onto your mortgage by remortgaging your entire debt over to a new lender. This is usually the best option if you want to lower your monthly payments or pay less overall, as the rate on a mortgage is usually the best available. It’s up to your adviser to structure things for you and ensure that you’re getting the best deal, but we can help you with this, don’t worry.

Benefits of a Debt Consolidation Mortgage

  • Makes it easier for you to budget, having only one payment to worry about each month.
  • You can usually borrow up to a higher amount and release a higher percentage of equity.
  • Better than what you would pay on standard loans/credit cards etc.

Your home may be repossessed if you don’t keep up your repayments

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Is a Debt Consolidation Mortgage for Me?

A debt consolidation mortgage may be the best solution for you if you’re struggling to pay your repayments, or keeping track of them all. A debt consolidation mortgage makes budgeting easier by giving you just one outgoing and it could potentially lower your monthly payments and save you money over the term.

It’s important to add that the total cost would be wholly dependant on your individual circumstances and things like, how long you secure the debt for, the mortgage rate and interest. It’s also even more crucial to bear in mind that this could mean that you end up paying more over time even if the monthly repayments are reduced, so we advise thinking things over carefully before securing other debts against your home.

Contact Us Today

If you’re unsure of anything relating to debt consolidation mortgages or anything else, we’ll talk you through the best options for you and at what rates. You can give us a call and one of our experienced mortgage experts will talk you through any concerns that you may have.

Start reducing your monthly outgoings and repaying your debt off quicker today.

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Send an enquiry to find out more!

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