Remortgage to Consolidate Debt

A Debt Consolidation Remortgage can be a way to ease financial hardship, however, there are many things to consider before doing so.

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We would always recommend speaking to a qualified mortgage advisor. They will help to determine if it is the right option for you.

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.

Also, the debt will be secured against your home. Should you miss any payments, your home may be repossessed.

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How we are able to help you with a debt consolidation remortgage.

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.

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Popular FAQs

Is consolidating debt a bad thing?

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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.

Why do people run up large credit card bills?

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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.

What are my other options?

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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.

When should debt consolidation be considered?

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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.

8 Reasons to choose UK Moneyman

Open 7 days a week until late.

We're flexible around your work and family, we'll be there when you need us.

No cost to you consultation.

No upfront fees payable, we are paid on results only.

You'll get your own dedicated case manager.

You'll always know who you are dealing with.

We're on your side, we work for you.

Getting a new mortgage or porting an existing mortgage isn’t always easy. We’ll be here to answer all your questions throughout the whole process.

We're authorised by the Financial Conduct Authority, a consumer watchdog for financial services.

Meaning you're safe and protected by our process, providing peace of mind. We take all the responsibility for the advice.

1000s of potential options.

We shop around for the cheapest deal for you, saving you time and money.

We're experienced and knowledgeable.

There isn't a situation we haven't come across before, we fully understand your needs.

It's not just about the mortgage.

We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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