Debt Consolidation Mortgage Advice
Here we look at Debt Consolidation Mortgage Advice. If your considering consolidating unsecured credit into your mortgage, be aware this is a step not to be taken lightly. You are essentially taking unsecured debt and securing it on your home. As a result, you will end up paying back more interest in the long run. This is because you would typically be paying that money back over a longer period.
However, if you need to quickly reduce your monthly outgoings, a debt consolidation remortgage can be the right solution for you. I often hear about debts accumulating because home improvements have been done to the property to increase its value. In other circumstances, it’s just that the debt has been outstanding for several years and it can be hard to make inroads.
Many people take out 0% credit cards and take the sensible step of looking for a new card when the 0% period ends. However, it’s not guaranteed that you can always get a transfer and it’s when that happens that customers decide to act and consolidate rather than pay a double-figure interest rate.
Benefits of Debt Consolidation Mortgage Advice
A debt consolidation remortgage is not something many people would want to arrange without taking advice. If you speak to a Broker, you will benefit from the consumer protection in place. In addition to this, a suitable mortgage that is tailor-made to your needs will be recommended. The Broker works for you, not the Lender, and will ensure you get the right outcome.
Some people make savings of hundreds per month if they are carrying large debts. It may also be preferable to have everything within one monthly payment too.