Debt Consolidation Mortgage Advice in Hull

Mortgage Advice in Hull for Debt Consolidation

Are you looking to speak to an expert Mortgage Broker in Hull about Debt Consolidation? If so, we are here to help with your Debt Consolidation Options for Credit Cards and Debt Consolidation for Personal Loans.

When you are looking at remortgaging your property to consolidate debts, things can seem fairly simple but we advise not to rush into anything. 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 possibly put your home be at risk. This is why we recommending speaking to a Mortgage Broker in Hull, like us, as we are here to help you decide on your best options here.

Why can my home be at risk if I don’t consolidate debts?

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 with debt consolidation?

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!

Get in touch with your Mortgage Broker in Hull today and receive a free initial mortgage consultation. We can’t wait to hear from you and help answer all of your Debt Consolidation questions.

Dedicated Mortgage Advisor in Hull