Debt Consolidation

What is Debt Consolidation?

Debt consolidation is where you can borrow money against your property to repay debts. You can look into doing this with your current lender or remortgaging to another lender to borrow more.

What debts can I consolidate?

You can consolidate:

-Unsecured loans/hire purchase agreements (As long as they have more than 12 months left)

-Student Loans

-Overdrafts

-Credit cards/store cards or catalogue accounts

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Pros of consolidating your debt:

-Reduce your monthly outgoings

-Help you budget more effectively as you will be paying off your debts with your mortgage

-Normally lower interest rate than having unsecured finance

Cons of Consolidating your debt:

-Reduces the amount of equity in your property

-If you are paying back over a longer time this could mean you will pay more in interest

-If you was to miss payments this can put your home at risk as you have secured debts against your property

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If you would like some advise from one of our 3 experianced in office advisers, please give us a call today on 01623 622611 or book a Free Initial Consultation via our online booking system.

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