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Debt Consolidation Mortgage Advice in Manchester

Consolidating Debt in Manchester

You shouldn’t take the consolidation of unsecured credit into your mortgage lightly. Before making a final decision, you should have a chat with your specialist mortgage advisor in Manchester.

Is consolidating debt a bad thing?

By rolling over unsecured credit into your mortgage, you’ll usually end up paying back more overall. The good news is that your monthly payments are often lower and for some people, that’s all they’re bothered about.

You would also be securing debt against your home, which means if you miss any of your monthly mortgage payments, you run the likely risk of your home being repossessed. This is a lot different from missing payments on the likes of loans or credit cards.

Why do people run up large credit card bills?

Over the years, it’s often been too easy to obtain credit. It’s a lot quicker and easier to borrow than to save up. Oftentimes people have invested in some home improvements though, which can increase the value of their home.

It’s quite the task of trying to make payments into historic debt if it’s gathering interest. Not all customers qualify for 0% credit card transfers.

What are the other options?

Before you look into consolidating credit, it’s recommended that you do a budget planner, analysing what you’re spending and where every month. There may be certain luxuries, such as takeaways, coffee days and gym memberships that you don’t necessarily need.

You do have the option of personal loans to consolidate your credit cards. At least loans have set end dates, whereas credit cards don’t. Personal loans are also usually taken out over shorter terms than mortgages, with you possibly paying back less interest.

It could be worthwhile speaking to a family member who may be able to assist you. Some find this embarrassing and would rather not ask their parents, but in truth, they’re often more than happy to help in any way they can.

If you’ve tried all these options to no avail, then you may be in the market for a debt consolidation remortgage in Manchester. It’s one way of reducing your outgoing monthly payments if you’re finding it difficult to save.

Date Last Edited: February 7, 2024

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