Consolidating Debt with a Mortgage

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Consolidating Debt with a Mortgage

Many people have debt in the form of loans, credit cards or mail order catalogues and the interest rate on these can be high. One way in which people look to reduce their outgoings is through a remortgage to pay off the debt. Here we explore how you can consolidate debt with a mortgage.

What is debt consolidation?

Debt consolidation is where you take out either a remortgage, secured loan or an unsecured Loan to pay off some, if not all, your unsecured debts - so going forward you only have the new borrowing to pay for.

What are the advantages of remortgaging to pay off debt?

  • Less Financial Strain - Maybe you have more money going out than what you have coming in, a situation nobody wants to find themselves in but it happens, a lot more than what you would think, causing constant stress of not being able to pay a bill and managing payments.
  • You want to improve your credit profile - Maybe as a result of having many debts to manage and with very little spare money each month, this has resulted in missed payments, defaults or perhaps County Court Judgements.
  • Structured Repayment Plan - Credit cards can seem like they never reduce and you simply want a structured repayment plan where you will pay XX per month over XX years and then the debt will be paid off.
  • Lower Rate - Credit cards and loans can be expensive whereas a mortgage rate could be lower and may be save you money in the long run.

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Consolidating Debts FAQ's

Should I remortgage to pay off debt?
Getting good advice around consolidating debt is important. There are advantages to debt consolidating with a remortgage, but it is important you also know the disadvantages. The advisers at The Money Hub could help you with this. You arrange a standard residential mortgage for your new purchase.
Is consolidating debt with a mortgage a good idea?
This really depends upon your circumstances. Debt consolidating with a mortgage is one option, however you should also consider an unsecured loan, secured loan or may be a Debt Management Plan. It is important to explore all your options and get advice to make sure you take the right decision.
If you have bad credit, can you consolidate debt?
There are specialist lenders that will help clients who have a low credit score &/or bad credit registered such as missed payments, mortgage arrears, defaults &/or County Court Judgements. These specialist lenders generally offer their mortgages through brokers.
Consolidating Debt with a Mortgage
The Money Hub

Product Name: Mortgages

Product Description: Consolidating Debt with a Mortgage

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Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.