Fast. Free. No impact on credit score.
Debt Consolidation Remortgages
Fast. Free. No impact on credit score.This won’t affect your credit score
Remortgaging is a way to replace your current mortgage product with new terms – often changing the amount you pay each month. By remortgaging your property you can free up a lump sum, which can then be used to clear other debts such as credit card repayments.
For example, if you were to remortgage your property and free up a lump sum of £5,000 to pay off an outstanding credit card debt in full, you could save months of potential interest and credit card repayments, at the expense of a slight monthly increase on your mortgage costs.
On other occasions, a debt consolidation remortgage can be used to reduce your overall monthly commitments. Whilst this may be a way of easing your financial circumstances, it may mean extending the term of the debts, which could increase the overall costs of repayment. You must be aware that you would be securing previously unsecured debts against your property.
Remortgaging for debt consolidation could be beneficial for your overall finances. A few positive factors are:
There are also several disadvantages to consider too. It’s worth doing plenty of research before any application and weighing up whether remortgaging is the right move for you, financially. Several disadvantages include:
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Get the remortgage that best suits your circumstances
There can be a lot to consider when it comes to remortgaging for debt consolidation. You’ll first need to know how much you want to borrow, then just follow our easy online application process and we’ll get to work in helping you obtain the funds you need.
Borrowing on your property to tackle other financial concerns is a common occurrence among homeowners. Your application is dependent on a variety of factors, from current debts to whether you’ll be able to cover the costs of your increased payments.
You can use a remortgage for any purpose, but your lender might want to know what your intentions are. People tend to apply with a specific, large project in mind, such as:
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