If you have accumulated debt and you’re struggling to meet the repayments, a Debt Consolidation Mortgage arranged through Your Mortgage People might be the answer.
A Debt Consolidation mortgage aims to combine all outstanding borrowings into one repayment, lowering the amount taken from you each month. By consolidating your debts, your finances will feel more organised and lift some weight off your shoulders.
As Mortgage Advisors, we search the whole of market to get the best deal for you, taking care to explain all your options and alternatives.
To speak to one of our friendly advisors about Debt Consolidataion, hit the button below.
A Debt Consolidation Mortgage is a type of mortgage that allows you to combine debts like credit cards, store cards, unsecured loans and homeowner loans with your monthly mortgage repayment.
There are many reasons why this is appealing to borrowers, such as only owing one monthly payment to one lender on one agreed term, but the most beneficial factor is the lower interest rates. Interest rates for additional borrowing on mortgages are typically lower than other types of credit, meaning you could significantly reduce your monthly outgoings. It is important to understand that this doesn’t necessarily mean you will save money overall, as paying the debt back over a longer period means you could pay more in total interest.
A quick chat with one of our qualified, expert mortgage brokers will confirm what is right for you and help you see light at the end of the tunnel.
1. Send us an enquiry to get your debt consolidation journey started
2. Your advisor will make contact to discuss your financial situation, consider the best options for you and search for your new mortgage deal
3. We help you gather together everything you need for your application, and submit it to the lender
4. The lender confirms their mortgage offer and your new mortgage begins on the new terms agreed
5. Funds are released by the lender at the amount agreed in the mortgage terms, with you repaying the amount with interest as part of the mortgage
6. It’s essential to remember that your mortgage agreement requires these funds to be used specifically for debt repayment. Using them for any other purpose would violate the terms of your mortgage contract
To discuss Debt Consolidation or other options available to you, speak to one of our friendly, experienced advisors today by completing the form below.
You can’t usually consolidate unsecured debts that have less than 12 months left on the contract or credit cards, store cards or catalogue accounts that have a 0% interest rate.
