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Consolidate Debt Onto Your Mortgage
Debt Consolidation is typically where you consolidate previously unsecured credit (personal loans and credit cards) onto your mortgage therefore securing these debts on your home. You should consider debt consolidating only if it makes sense such as
- The new interest rate is less than you were paying before
- The amount you pay over the new term is not more
- You use it to reduce your monthly expenditure in order to get back on track
- You are certain that you can keep up to date with the mortgage payments until it is fully repaid
You should seriously consider what may happen in the future that could hinder your chances of being able to keep up to date with repayments
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"The service was excellent in every aspect from understanding our needs and circumstances. We believe the product proposed was definitely the best available for us. Jemma gave us the confidence that things would actually happen – and they did. When delays were experienced via the lender Jemma was able to quickly resolve and sort everything out. We would have no hesitation in recommending Jemma and have indeed already done so"
Graham & Sue Jarvis, Cornwall
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home.
There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service here these services may be more suitable for you.