Debt Consolidation Mortgages
Trying to juggle lots of separate debt payments every month can be a nightmare. Getting a debt consolidation mortgage - which puts all your debts into one place - can be a great way to simplify things. You might even be able to reduce your monthly costs.
But, it’s a big decision to make, and you need to be sure it’s the right one for you. It could put your home at risk if you can’t keep up your repayments.
That’s why you should consider talking to an advisor who knows about debt consolidation mortgages before deciding what to do.
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you.
What is a debt consolidation mortgage?
The idea with a debt consolidation mortgage is that you can combine your other debts - things like credit cards, personal loans and overdrafts - into your existing mortgage.
Then, you’ll have a single payment to make at the same time every month, rather than lots of little ones. You’ll usually be able to get a better interest rate than you would with a personal loan, too.
If you get the right mortgage, it can be a great way to manage your debts more efficiently.
Why would I want a debt consolidation mortgage?
If you’re a homeowner with several other debts, a debt consolidation mortgage can be a great way to consolidate those debts into one place and maybe lower your monthly payments.
Having a single monthly payment can make it much easier to manage your budget, as you’ll know exactly how much money is coming out of your account and when.
Mortgage interest rates tend to be lower than those for personal loans. That means you could save money in the long run by paying less interest.
How does it work?
Getting started is dead easy. First, fill in our form to book in a free, no-obligation consultation. We’ll have a good chat about your financial situation, and figure out whether a debt consolidation mortgage is the right thing for you.
If you decide to move forward, we’ll recommend you some debt consolidation mortgages, and explain the pros and cons of each one.
Then we’ll handle the application process for you, and make sure everything’s submitted correctly and on time.
When everything is approved and ready to go, we’ll help you get all your other debts consolidated into it, so you only have one monthly payment to worry about.
Is a debt mortgage right for me?
Just because you have existing debt doesn’t mean that a debt consolidation mortgage is a good idea.
If you’re struggling, taking on a big commitment like a debt consolidation mortgage could just be kicking the problem down the line. And if you’re unable to keep up the repayments, you could lose your home. You are taking unsecured debts and then securing them against your home which can increase the risk of repossession, all the more reason to speak to an adviser to make sure its the right thing to do.
There are lots of factors to consider like the amount of equity in your home, the long-term costs of a mortgage versus potential savings and any fees that might be involved.
That’s why we’ll have a proper in-depth chat with you about your financial situation, and get to the bottom of whether a debt consolidation mortgage is a good option for you.
If it’s not, we’ll be able to point you in the direction of some organisations that can help you to get on top of your debts.
Why choose Green & Green?
When you pick a mortgage advisor, there are a few important things to look out for. It’s even more important to choose the right advisor if your circumstances are a bit unusual - like if you need a debt consolidation mortgage.
First up, you want someone who’ll really listen to you. We spend the time to really understand your situation, so we can be sure we’re recommending you the right mortgage.
You also want an advisor who understands the ins and outs of the mortgages you’re looking at. We’ve worked with enough debt consolidation clients to know what’s going on in the market, and be able to make informed recommendations.
We also have access to a big range of lenders, including some who specialise in debt consolidation mortgages. We know the local area back-to-front too.
And, if you decide to go for a debt consolidation mortgage, we’ll make the process simple and stress-free. We’ll take care of the paperwork and guide you every step of the way.
No need to take our word for it
We’re bound to say we’re good, right? So why not read what some of our happy clients have to say about us?
Very professional, competent and responsive.
Would 100% recommend. James took the time to explain everything I had questions about. Great service!
CB
James was amazing from start to finish.
Total professional and was always at the other end of the phone or email day or night to answer any questions. We will 100% be using Green & Green again.
SW
Ready for a chat?
If you think a debt consolidation mortgage might be just what you need to get back on an even keel, book yourself a free, no-obligation chat. We’ll talk about your financial situation and decide whether you want to take it any further.
We’ll also make sure the kettle’s on.
You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with GDPR May 2018 requirements. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone. By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.
Debt consolidation mortgage FAQs
How much can I borrow with a debt consolidation mortgage?
That depends on all sorts of things like how much equity you have in your home, how much income you have and what your debt looks like. We’ll find out all about this when we chat to you, and we’ll be able to give you a better idea how much you can borrow then.
Will my credit score affect my mortgage application?
It will - but it won’t necessarily stop you from getting a good mortgage deal. We work with several lenders who specialise in clients with poor credit ratings.
What if a debt consolidation mortgage isn’t right for me?
Debt consolidation mortgages aren’t the right solution for everyone with debts. If we think it’s the wrong plan for you, we can point you to some organisations that are there to help people with debt problems get back on their feet.
Debt consolidation is not always the most suitable option. It usually means more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage. You should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities. You can find out more by contacting the Money Advice Service. These services may be more suitable for you.