Remortgage for Debt Consolidation

It’s inevitable that at some point during most people’s lives, they will obtain some form of debt. Whether that be unsecured debt such as credit card debt, a short term or long term personal loan or have some form of secured debt where some asset is used as collateral for the loan.

However, if you have some form of debt against you and you have no idea how you are going to clear it and you own your own home, you have the option of remortgaging to consolidate any debt you may have.

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Why remortgage for debt consolidation?

When your remortgage your property, you can release equity that has built up in your home over time that can then be used to clear any outstanding debts or ease regular bills including credit card repayments. With remortgaging your property, you essentially switch your current mortgage deal for a better mortgage deal that could potentially have cheaper monthly payments.

Things to consider with a consolidation remortgage

You may be thinking that remortgaging for debt consolidation sounds like the ideal solution to help ease your financial debts. However, there are many things to consider when it comes to remortgaging for this reason. First of all, you will need to know how much you want to borrow, however, you might not know what is the best amount to borrow – which is where we can come in and provide our specialist advice that is tailored to your individual needs and circumstances.

Can I pay off a remortgage early?

You can pay off your balance at any time before the end of your fixed term, however, it’s important to bear in mind that some lenders will make you pay an early repayment charge. This is to factor the interest that won’t accumulate when you leave. Which is why it’s worth checking whether you can afford the extra cost, before you decide that remortgage for debt consolidation is the right choice for you.

Why choose us

Clearing your debts by remortgaging can feel like there’s a light at the end of the tunnel, however, it might not be the most suitable option for everyone. But if it’s not – not to worry as we can help guide you in the right direction.

We specialise in debt consolidation and capital raising and we will work to find you the right remortgage deal for your needs. If you require access to the equity in your home, we have access to some specialised products and deals that you won’t be able to find on the high street.

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