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 NowAs 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 NowYou 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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Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
Michelle
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...
Lawrence
Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.
Gemma
Excellent speedy service and always available to work around the best times for us, including calls at weekends
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
Stephen
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...
Victoria
Jenna was very quick to sort out my mortgage, it was very straight forward and easy.
John
UK money man are excellent and have walked me through every stage of both the initial mortgage process and the remortgage two years later, couldn’t recommend them enough!!
Antonia
Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
Babak
So fast and brilliant services which surprised us and the agent by receiving the mortgage offer less than one week. Malcolm is very responsive
Alistair
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...
Hannah
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...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
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...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and professional manner....
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
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...