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Mortgage To Pay Off Debt
Are you considering a mortgage to pay off your current debt? If you have current debts including credit cards or loans applying for a remortgage can help to reduce your monthly payments.
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Debt Consolidation Mortgage
If you have unsecured debts such as unsecured loans, credit cards or store cards a mortgage debt consolidation acts as a single loan that lets you borrow money against your property and pay off your debts.
This could reduce your monthly repayments and help you to achieve your financial goals.
A Little Mortgage Advice are here to help you find a debt consolidation mortgage to fit your current circumstances.
How We Can Help
As a specialist independent mortgage advisor we have worked with hundreds of customers to help them secure their debt consolidation mortgage.
We also work specifically with lenders who specialise in mortgages where a client has adverse credit.
Our team at A Little Mortgage Advice will discuss your situation and advise you on the best solution for you to proceed with a debt consolidation mortgage.
Find out if you qualify by completing the form below.
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Why Choose A Little Mortgage Advice?
We are specialist independent advisors. This means that we work with all lenders and search the whole market to find you the correct mortgage product.
As a small independent company you will be speaking directly to a mortgage advisor. We dedicate the same time to every client.
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Remortgaging To Pay Off Debt
Remortgaging to clear debt could make your monthly repayments more manageable, so you can cover the essentials like your household bills and groceries, as well as have a little bit extra left over each month – something that is becoming increasingly difficult in the current economic climate. This could help to reduce financial strain and provide some much-needed financial security.
Remortgage To Clear Credit Card Debt And Loans
If you are remortgaging to clear loans and credit cards it is important to be aware that your initial monthly payments might be cheaper, however, if you are paying them off with a remortgage it is likely that you will be paying these debts off over a longer amount of time, this could mean that you are paying more over the long term. It is very important that you do not run these debts up again once you have cleared them because lenders won’t look upon a second debt consolidation remortgage favourably.
Remortgage to Clear Secured Loans
As an experienced Debt Consolidation Mortgage Broker, A Little Mortgage Advice will look at your finances in detail, our specialist mortgage brokers will review your credit history to get an overall picture of your finances. If you have secured loans we could also incorporate these secured loans into the remortgage as long as there is enough equity in your property.
WHAT IS A DEBT CONSOLIDATION REMORTGAGE?
A debt consolidation mortgage means you are paying off most or all your debts by raising additional money from the equity in your property.
The benefits of remortgaging to clear debt are that your immediate financial circumstances should improve because your monthly outgoings will be lower, however, by adding this debt to your mortgage you will be paying it for a longer period of time, meaning you are likely to pay more interest in the long term.
If you are considering adding your debt to your mortgage we will look at your credit report, existing mortgage and banking conduct and advise the best option for you. Once you have completed a debt consolidation remortgage it is very important that you don’t get back into debt, you will be back to square one.
Can I Remortgage With A Low Credit Score?
Does a lot of debt mean you will have a low credit score ?
Some lenders will look negatively at excessive amounts of debt, it is always advisable to speak with a qualified bad credit mortgage broker, we know what lenders are more likely to accept your mortgage application and just as importantly who wont accept it.
Remortgage To Get A Better Interest Rate
Save Money By Remortgaging. We could save you money on your mortgage alone by switching you to a better deal which may mean that you do not have to consolidate your debt, you may save enough by switching. We can search whole of market mortgage lenders to find you the best rate available for your circumstances.
We will always discuss every option with you in detail.
*It is important to consider the implications of adding your debts onto your mortgage. Your home may be repossessed if you do not keep up repayments on your mortgage.