Mortgage debt consolidation loan

You can consolidate your debt, such as your credit card liabilities and personal loans, in your mortgage through a remortgage to end up with a mortgage debt consolidation loan.

Now if you are asking, “why in the world would you want a mortgage debt consolidation loan?”, then there is a simple answer to satisfy your question. The interest rates for a mortgage are usually much lower than interest rates on your credit card or other bank loans.

APPLY TO GET THE BEST MORTGAGE DEAL FROM WHOLE OF THE MARKET.

 

Not only will your debt become much easier to manage, but will cost you lesser by merging it into your mortgage through a re-mortgage. You could only manage the loan then by either pushing yourself to make larger monthly repayments, or by extending the period of the loan

But at the same time, there is also a downside to it. For example, your property must be holding some equity for you to re-mortgage, which in other words means that the value of your property must be significantly greater than the amount of mortgage currently outstanding on the property. But as you merge your other debt with your mortgage, the equity margin that is held in your property is reduced, and will consequently add to the amount of your home loan.

Additionally, adding a loan that may be currently unsecured to your mortgage means that your loan now becomes secured on your property and a failure to keep up the repayments on the mortgage runs the risk of your property being repossessed. So although remortgaging your home to manage your loan is a good way to potentially reduce your monthly payment, your risk of repossession in cases of non payment of the mortgage becomes greater

.CALL US FREE ON: 0161 8774142

 

.

 

 

 

.