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Debt consolidation for mortgages

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Remortgaging

Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.

Specialist Mortgage advisors for debt consolidation

Struggling with debt? You’re not alone. Our experienced remortgaging advisors are here to explain the options available to you when it comes to debt consolidation mortgages.

Remortgaging can be an effective way of consolidating multiple outstanding debts into a single monthly repayment. This single outgoing cost can be lower than what you’re currently paying because a mortgage term is longer than many other loans. However, there are implications to consider, and this method of debt consolidation isn’t necessarily right for everyone.

If you’re thinking about remortgaging to pay off or consolidate your debts, it’s important to get expert advice. An expert mortgage broker from our team will listen to your story without judgement and provide bespoke recommendations based on your circumstances.

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Freeing you from debt worry.

It can be upsetting and scary to have debts stacking up and no clear way out, but you’re not alone. We know life can be complicated and a range of circumstances may have led to your outstanding payments. If you want to remortgage for debt consolidation, we can help you navigate the process and achieve the best result for you.

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Can I remortgage to consolidate debts?

Yes! Remortgaging is a perfectly suitable way of consolidating your debt. Through this method, you can use the equity you have in your home to pay off some personal loans and bring the remaining debt together into a single secured loan. As a result, you will have one monthly repayment to make that will be chipping away at all your debt at once.Yes! Remortgaging is a perfectly suitable way of consolidating your debt. Through this method, you can use the equity you have in your home to pay off some personal loans and bring the remaining debt together into a single secured loan. As a result, you will have one monthly repayment to make that will be chipping away at all your debt at once.

Do you think remortgaging for debt consolidation might be right for you? Contact our friendly advisors today and we’ll discuss all the implications, whether you opt to remortgage with your existing lender or seek to find a better deal elsewhere. We’ll help you come to an informed decision, and then, once you’re happy, we can put the plan into action and find you a suitable deal if a new mortgage lender is considered the right way to go.

Is it worth getting a debt consolidation remortgage to pay off the debt?

Remortgaging can help you address your debts in two principal ways. Releasing equity can provide you with a lump sum of money which you can use to pay off major debts. Or you could remortgage your property which would consolidate all your outstanding debts, including credit card debt, into a single loan with a single repayment plan. This rationalisation of your debts can make them easier to deal with.

Ultimately, the decision is yours alone to make, but our expert mortgage advisors will provide you with all the insights and guidance regarding secured loans and other borrowing options so you can make the right choice for you. Whatever you decide as the way forward to consolidate debt, we’ll be there every step of the way to ensure you get the right result for you from a mortgage provider.

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Frequently Asked Questions

Can I remortgage to consolidate debts?

We are here to support you and help you on your journey to becoming a home-owner. Whether you have bad credit, or are just overwhelmed by the process, we can provide you with information and tools to make you more attractive to banks and sure to be successful in your next application!

We believe that getting a mortgage shouldn’t be a daunting and challenging process and that you should be able to achieve your dreams of becoming a home-owner, whether that’s for your first time, commercial property or as a property investor.

It depends. If you take a short-term debt and remortgage you are effectively spreading that debt over a much longer loan term. This will most often result in cheaper monthly repayments. However, it’s important to bear in mind that the interest rates will also be charged over a longer period, meaning you are making many more monthly payments and therefore could end up paying more overall.

Our highly experienced team will help you work out the potential savings and costs to repay, so you can decide on the best course of action for your particular circumstances. If you are looking for debt consolidation remortgages as a way out of your existing debts, get in touch today!

A mortgage can be used to consolidate a range of different unsecured debt including credit cards, personal loans, payday loans, overdrafts. Instead of having to make multiple payments with varying interest rates each month, all your existing debts can be switched to one lender and one monthly payment.

Debt consolidation allows you to rationalise your monthly loan repayments into a single cost. This will reduce your monthly outgoings and provide you with more disposable income. The reason for this is that the debts you had will now be repaid over a longer period of time – the term of your mortgage. Another advantage of this method is that the interest rates on mortgages tend to be much lower than the average rates for unsecured loans.

Expert remortgaging advice to consolidate debts.

Consolidating debt may reduce your outgoings now, but what about in the long run? It’s critical you think carefully before securing any debts against your home. There are many options available to you, and an unsecured loan, such as a personal loan, may be a better option – it all depends!

When the Bank Says No has helped support many people in similar situations as they evaluate the way forwards. If you want transparent information and no-nonsense advice, our team of experienced mortgage advisors is here to clear things up.

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