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Remortgage for debt consolidation

Consolidate your debts using our Remortgage Service

Our Remortgage Service - helping you make the right decision

Fair Mortgages can provide you with a first class remortgage service. 

Special features of what we offer include:

  • Whole of market service - we cover most UK lenders
  • Access to exclusive remortgage deals not available on high street
  • Fast turnaround - call us if you need to move fast!
  • We have lenders who will take into account unsecured debts if you are looking to consolidate debts

To investigate your debt consolidation remortgage options call our specialist team on 0117 313 7780 or fill in our call back form. 

Why remortgage for debt consolidation?

In the event that you have a great deal of debt, you may be considering your options when it comes to paying off these debts – should you choose strict budgeting, a loan, a credit card, or a combination of these methods? Loans and credit card deals for people with a lot of debt can prove expensive as lenders will not offer preferential rates to people who are already in a lot of debt. Choosing the wrong credit card of loan could make your financial situation worse, not better.

While repaying debts over time through frugal living is the most advisable way to clear outstanding debts and prevent new obligations, it can be helpful to get your existing debt into as simple a form as possible to reduce the number of payments that you have to make to different creditors. One way of achieving this is to consider a remortgage for debt consolidation.

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

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How to get a remortgage for debt consolidation

Applying for a remortgage for debt consolidation follows a similar process to that of applying for any other remortgage deal. You will, of course, need to make sure you select a mortgage provider who offers this type of remortgage before making your application, in order to maximise your chances of being accepted first time.

You will need to pass a credit check, so it makes sense o ensure that your credit record is as up to date and as favourable as possible before you apply for a remortgage for debt consolidation. You can check your credit score using various online providers and can then correct any errors and make sure that you are on the electoral register.

As someone who is remortgaging to consolidate large debts, it’s quite likely that your credit score will be less than perfect, and mortgage lenders who specialise in remortgage deals for debt consolidation will acknowledge this. However be prepared to pay higher rates of interest on your remortgage than a person with a clean credit record.

What are the potential advantages and disadvantages of a remortgage for debt consolidation?

Advantages of a remortgage for debt consolidation could include:

  • Remortgaging for debt consolidation can give you the opportunity to take better control of your finances by moving all your existing debts into open place. This can make your debt easier and cheaper to manage, and could help you to keep up with your repayments.
  • A remortgage for debt consolidation is likely to offer a lower rate of interest than might be available on personal loans or credit cards.
  • Getting the right remortgage deal for debt consolidation may even help to improve your credit rating over the longer term, as by making monthly repayments on time you may help to demonstrate to lenders that you have taken control of your financial situation and are a responsible borrower. You may then be eligible for better interest rates in the future.

Disadvantages of a remortgage for debt consolidation could include:

  • All your debt will be secured against your property which could put you at risk of losing your home if you fail to keep up with repayments. Therefore, it is vital to seek professional, expert advice before taking on a remortgage for debt consolidation.
  • You will need to have a substantial amount of equity in your property in order to remortgage for debt consolidation.
  • Because the mortgage repayment term is likely to be a lot longer than that of a personal loan or a credit card, you could end up paying more interest overall.

Choosing to remortgage for debt consolidation

A remortgage for debt consolidation is a big financial decision with various benefits and potential drawbacks attached, which means that getting the best debt consolidation remortgage advice should be a key priority.

At Fair Mortgages our team of independent, whole of market mortgage experts can discuss your debt consolidation remortgage requirements and help you to find the most suitable remortgage deals for debt consolidation – call us today on 0117 313 7780 or to speak to one of our mortgage advisers click here »

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