Debt Consolidation Mortgage Advice

Debt Consolidation Mortgage Advice in Hull by Hullmoneyman.com – Local Mortgage Experts

Are you looking to speak to an expert about debt consolidation?

If so, we are here to help:

  • Debt Consolidation Options for Credit Cards
  • Debt Consolidation for Personal Loans

When you are looking at remortgaging your property to consolidate debts, it can feel like a no-brainer!

You can reduce your monthly outgoings by shifting those expensive credit card and loan payments on to a cheap mortgage.

However, securing debts against your home could have the potential to put you into negative equity. It could cost you more money and put your home be at risk, but remember, we are here to help you decide on your best options here.

This is why if you are thinking of remortgaging to consolidate debts it is always best to speak to an experienced mortgage expert.

Why can my home be at risk?

When you consolidate your debts with a remortgage you are moving your unsecured borrowing (credit cards and loans) to a secured, more trustworthy debt. Whilst a secured debt sounds better, it is, in fact, the lender who has the security, not you! This is in the way of that if you can not afford to repay the lender can repossess and take your home.

How can consolidating my debts cost more money?

When looking at lower interest rates, many people come to the conclusion that it will cost them less. However, this isn’t always correct as you also need to consider the term as well as the rate. For instance, if you were to look at £10k at 5% over 25 years you would be paying back £7,500 interest. However, if you look at the £10k at 18% over 5 years you would only be paying back £5,200 in interest.

How can we help you?

Here, we will consider all your options and recommend what is always best for your individual situation. Providing expert mortgage advice for debt consolidation purposes is specialist lending.  Therefore, rest assured with our experience and knowledge in this area you are in safe hands with us!

We provide a Free Mortgage Consultation to all customers – please feel free to get in touch to arrange yours, we would love to help!

We’re here and ready to answer any questions you may have on a debt consolidation mortgage.  We’ll talk you through your best options. 

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