Debt Consolidation Remortgage

Contact Us Button
  • You’re tired of making several different loan payments each month and would like to combine them into just one payment
  • You’re having trouble keeping up on the payments for your existing loans
  • Your existing loans have varying interest rates and you’d like to lock into one rate for everything
  • You want to reduce the amount of your monthly budget that goes toward loan repayment
  • You’re looking for an easier way to pay off existing loan and become debt free

What is a debt consolidation remortgage?

Put simply, you can use the equity in your property to pay off other existing loans, resulting in just one monthly mortgage payment. This type of mortgage or remortgage is commonly used to combine secured or unsecured loans, credit cards, store cards and other personal finance, into one monthly payment making it easier to manage your overall finances.

Mortgage Application Form

Will a Debt Consolidation Remortgage be Right For Me?

A debt consolidation remortgage may be a good idea if you find yourself in any of the following situations:

Debt Consolidation choices

If you are currently locked in with your existing mortgage provider and need to consolidate debt a secured loan can be the answer. A secured loan is similar to a mortgage as it uses something of significant value to secure the loan amount. The most common source of security for such a loan is your home. Secured loans are less risky for the lender, usually leading to a lower interest rate and larger amounts available for borrowing. However if you are free to change lenders a debt consolidation remortgage may be the best route as mortgage rates are much lower than secured loan rates.

Why Would I Want A Debt Consolidation Remortgage?

There are many reasons why you might want to seek a debt consolidation remortgage. For example, you may be able to reduce the total of your monthly loan payments and simplify your budget by making just one payment to a single mortgage provider. Or you may be having trouble keeping current up on your existing loans and need a way to make your payments affordable while repairing your credit profile over time. Consolidating your debts may mean it will take longer overall to become debt free, but in many situations it’s worth it if a consolidation remortgage will improve your overall financial well being.

I Have A Bad Credit Score And Don’t Think I Can Qualify For A Debt Consolidation Remortgage

While it’s true that many lenders won’t offer mortgages or remortgage to people with a bad credit rating, there are many lenders who specialise in such a mortgage or remortgage. Although lenders may charge a higher rate of interest the benefits of getting your debts under control often outweigh the additional costs involved.

For more information, quotes and advice on our debt consolidation mortgage or remortgage range or for any mortgage or remortgage advice, mortgage or remortgage help, mortgage or remortgage quote please complete the contact us form.