Debt Consolidation Remortgage
If you are looking at clearing your current ongoing debts but struggling to get your balances down then using the equity in your property to raise funds could be a solution for you.
Raising funds on your mortgage to pay off existing debts can be a complex process and it is important you take professional advice to calculate if this process would be beneficial for your circumstances.
Advantages of debt consolidation remortgaging -
- Mortgage rates are often lower than the rates found on unsecured debts like credit cards and loans. If you can secure a lower interest rate through remortgaging, you could save money over time.
- Consolidating your debt can simplify your finances by reducing your monthly payments into one.
- Debt consolidation can lower your overall monthly payments, but it might result in paying more interest over the long term. Evaluate the difference between lower monthly payments and the total cost of borrowing. Our mortgage advisors can help you with these calculations.
- Lower payments would lead to increased spare capital each month to help you to budget more effectively.
Disadvantages of debt consolidation remortgaging -
- Additional borrowing on your mortgage to clear debt can put your home at risk if you can’t keep up with your payments.
Borrowing money against your property will also reduce the amount of overall equity in your home.
- There is the potential that you may pay more interest in the long run if your term is longer.
- You may incur an early repayment charge from some lenders if you pay them back before the end of the repayment term set.
Why Use a Mortgage Broker?
Around 80% of UK mortgage holders use a mortgage broker to advise and arrange their mortgage. With the regular changes across the mortgage and property market, it has never been more important to receive professional advice throughout the term of your mortgage.
Mortgage brokers have extensive knowledge of individual lender criteria to know your best mortgage option for your own circumstances which can make the difference in being accepted or rejected for a mortgage. Brokers also deal with all the paperwork and negotiate with the lender to get the correct outcome for their clients.
✅ Intermediary rates – brokers can often benefit from reduced rates/fees
✅ Intermediary only lenders – we have access to over 100 UK lenders, a number of which are only available through intermediaries
✅ Join our Mortgage Club for life
Join Our Mortgage Club
At Mortgage Haven UK we put a huge importance in managing our clients mortgage and financial circumstances through our mortgage club. With the ever changing economic situation in the UK, having professional advice available on demand is crucially important.
When you onboard as a client and join our mortgage club you will benefit from –
✅ On Demand mortgage advice whenever you need it
✅ Regular contact and reviews of your circumstances from your adviser
✅ No further application fees for remortgages or new purchases
✅ Access to our state of the art client app where all your mortgage details will be stored
Download Our Free Debt Consolidation Mortgage Guide
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