Debt Consolidation
All too often credit cards and other loans can build up becoming difficult to manage. Consolidating these debts can be an option however needs to be carefully researched.
You may sometimes find in addition to your monthly mortgage payments other commitments have built up such as credit cards and loan repayments for household goods or perhaps a car you have purchased.
Usually the interest charged on these types of loans are far higher than that being paid on your current mortgage. It is therefore sometimes possible to consolidate these unsecured loans by adding them to your mortgage, which will often reduce your monthly repayments. It must be understood however that in doing this you both transfer the debt to one lender and secure the loan against your main asset, your home. In addition it can often lengthen the term of your repayments, and increase the overall interest charged, however in some cases this can still be beneficial and help you get control of your outgoings again.
Here at Mortgages First the mortgage advisers will not only inform you of whether you can consolidate your debts, and provide with options available if you can, but they will more importantly advise you personally on whether it is appropriate for you to do so.
So if you would like to review your options to consolidate outstanding loan commitments please call us today on the telephone number below and speak to one of our qualified mortgage advisers.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Our typical fee for arranging your mortgage is £95.00. Depending on your circumstances, we may charge up to 1.5% of the mortgage amount.