A debt consolidation remortgage can reduce your monthly outgoings by taking your outstanding unsecured debts and adding them onto a mortgage, combining them into one easy to manage monthly payment. Whilst this can be a positive, it is also important to remember that you will likely be extending the debt over the full term of your mortgage, meaning you are paying more interest overall. You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments. Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.Apply Now
As an experienced and trusted mortgage broker, we will use our expert knowledge to analyse your circumstances and figure out whether a debt consolidation remortgage is a route that you should look to take. This is a very specialist field in the mortgage world, something we have worked with many times before during our time of providing mortgage advice. We will do our best to match you up with a specialist mortgage lender on a favourable deal.Apply Now
You will normally pay back more overall by rolling unsecured credit into your mortgage. That said, your monthly payments will normally be lower and for some people that is their main priority. You are also taking securing debt against your home. If you do not keep up payments on a mortgage then your home will be repossessed. This is very different to missing payments on loans or credit cards.
Over the years, obtaining credit has sometimes been too easy. It’s quicker for people to borrow money than save up. Sometimes people have invested in home improvements though which may have increased the value of their property. It’s hard to make inroads into paying back historic debt if it is accumulating interest. Not everyone qualifies for zero percent credit card transfers.
Before consolidating credit, you should do a budget planner to analyse where you are spending your money each month. There may be some luxuries you can do without, such as gym memberships, takeaways and expensive coffees. Perhaps a personal loan to consolidate your credit cards could be an answer. A loan has a set end date, unlike credit cards, and since a personal loan is typically taken out over a shorter term than a mortgage, you may pay back less interest. It may be worth your time speaking with a family member and asking for help. This is not something you should be embarrassed by, as more often than not, if they can help, they probably will.
Many people use a remortgage to release equity from their homes. You are allowed to raise capital for many different reasons to raise funds to gift to your children, perhaps to get them onto the property ladder themselves. If all of your avenues have been exhausted, then a debt consolidation mortgage might be right for you. It certainly is one way of reducing your monthly payments if you are struggling to save. As an open & honest mortgage broker, we will take a look at your situation and help you to decide whether this is the best option for you to take.
Book your free mortgage appointment around your personal and work commitments.
Your initial review is free! No upfront fees, stress-free process.
Your case manager will be by your side through the whole remortgage process.
Any questions regarding your remortgage or the process that you have along the way, we will be more than happy to answer them.
We like to make sure every customer who get in touch are covered with the right inurance policy tailored to their circumstances, to make sure they are protecting themselves and the people they love.
In order to try and find the best remortgage deal for you, we will search through various high street and specialist lenders.
We have insider knowledge of lending criteria and debt consolidation remortgage products.
It's not just about the mortgage, we want you to receive the best mortgage remortgage advice and customer service possible to let you remortgage with bad credit.
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The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
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We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
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We used UK Moneyman for our first mortgage back in 2021. When it came to remortgaging, we confidently used their services again. Chris has been fantastic at reassuring us around the changes in interest rates and explaining everything clearly. Meghan...
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
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Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would happily...
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I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding them with...