If so, why not start that journey with confidence by receiving expert advice from a mortgage specialist, who started work as a mortgage broker in 1999. However, I should say that debt consolidation isn't suitable for everyone and it's really important to get the right advice...
A debt consolidation remortgage would normally be used to reduce your overall monthly
commitments by consolidating other loans &credit cards etc. However, it almost certainly means increasing the length of term of the debts and therefore the total amount repayable.
For example lets say you have a loan that you pay monthly for 5 years, after 5 years the loan
would be paid off. However you could consolidate that into the mortgage but that loan amount is now being paid potentially over a much longer time frame.
This would actually increase the overall cost of the interest you pay in total, so you have to be aware that you would be securing previously unsecured debts against your property and this in turn means that
you are reducing the amount of equity you have in your home or property, and putting it at risk should
you not be able to pay the mortgage payments at any stage.
Some good things about debt consolidation re-mortgages may include that you’ll almost certainly
change your mortgage lender, often to a better deal if you’re on what’s called a standard variable
rate. You’ll only have one monthly payment if you consolidate everything together, along with the
peace of mind that you know exactly how much you’re paying out per month. You might even be
able to free up some disposable cash month to month.
There’s often a downside to everything though so don’t forget this is why you need to take
advice...to make sure it’s suitable for you and your circumstances. As I've already said, your monthly mortgage payment could go up as you’re borrowing more money & chances are if you’re stretching a
5yr loan over 25 years you’re going to pay more in total interest.
You might have to pay fees to switch your mortgage or even fees to set up the new mortgage so all
these have to be taken into account .
Whether you'd qualify to apply would depend on a number of factors, including the amount and
frequency of your income, your employment record, the current value of your home and how
much equity you have, the size and type of debts you’re wanting to consolidate into your home,
the length of time you have left on your current mortgage and your credit history.
But...whatever your situation, my advice in the first instance would be to either give me a call directly,
or book an appointment (CLICK HERE to do this right now), tell me what you're looking for, ask me
whatever questions you need to, and let's see if I can help you...would that be ok?