Debt consolidating remortgage loan
If you have a property where you have a suitable amount of equity, another option is to remortgage your home.By doing this, you will release some of the equity that you have, giving you a lump sum that you can use to pay off the money that you are owing.Do note however that you must take into consideration that the implications of such action could be total credit charges being higher in the long term than your current short term arrangements.Read More For some people, it might be tempting and indeed the correct thing to do to take out a loan or credit card to pay off their debts, but these can often result in high interest charges.To find out how much you could reduce your monthly payments by, or for more information on re-mortgaging for debt consolidation, call one of our advisors today or CLICK HERE FOR A FREE REMORTGAGE QUOTATIONVery satisfied.Paul explained everything well and answered any queries which we had. We were kept up to date with the process and contacted immediately if any further information was needed.You will then be left with either the single loan repayments, or mortgage repayments to pay every month.This not only could work out better for you financially but may also be a lot easier to organise.
It is usually arranged and referred to as a second charge against your property With this in mind you must still remember that if you fail to make the repayments, you might find that it affects your credit rating at best – or at worst you could still lose your home.
For people who own their own home, however there may be a possible alternative solution.
By either taking out a secured personal loan, or a remortgage for debt consolidation, you can use equity from your home to help you to pay off your debts.
Financial situations can change for us all for a varying number of reasons, and for people who find themselves struggling with debt as a result, life can be tough.
The constant worry about how to keep everyone satisfied can eat away at you, and accumulating interest on money that you owe can make you feel like your finances are spiralling out of control, and land you in a situation that you may never get out of.This is all still subject to the lenders assessment of affordability.