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Details sort by initial rateLenderInitial rate Rate type Overall cost for comparison Product fee Monthly cost Enquire
Initial rate: 4.06%
Rate type: 5 year fixed
Monthly cost: £956.08 per month
Product fee: £999
Overall cost for comparison: 6.8% APRC
Halifax 4.06% 5 year fixed 6.8% APRC £999 £250 cashback £956.08 per month get quotes
Initial rate: 4.06%
Rate type: 5 year fixed
Monthly cost: £956.08 per month
Product fee: £999
Overall cost for comparison: 6.9% APRC
Halifax 4.06% 5 year fixed 6.9% APRC £999 £250 cashback £956.08 per month get quotes Broker Only Deal
Initial rate: 4.08%
Rate type: 5 year fixed
Monthly cost: £958.08 per month
Product fee: £899
Overall cost for comparison: 6.9% APRC
Barclays 4.08% 5 year fixed 6.9% APRC £899 £958.08 per month get quotes Broker Only Deal
Initial rate: 4.08%
Rate type: 5 year fixed
Monthly cost: £958.08 per month
Product fee: £1,495
Overall cost for comparison: 6.6% APRC
NatWest logo 4.08% 5 year fixed 6.6% APRC £1,495 £958.08 per month get quotes
Initial rate: 4.09%
Rate type: 5 year fixed
Monthly cost: £959.07 per month
Product fee: £899
Overall cost for comparison: 6.9% APRC
Barclays 4.09% 5 year fixed 6.9% APRC £899 £959.07 per month get quotes Broker Only Deal
Initial rate: 4.14%
Rate type: 5 year fixed
Monthly cost: £964.08 per month
Product fee: £999
Overall cost for comparison: 6% APRC
HSBC logo 4.14% 5 year fixed 6% APRC £999 £1250 cashback £964.08 per month get quotes Broker Only Deal
Initial rate: 4.14%
Rate type: 5 year fixed
Monthly cost: £964.08 per month
Product fee: £995
Overall cost for comparison: 6.6% APRC
NatWest logo 4.14% 5 year fixed 6.6% APRC £995 £964.08 per month get quotes
Initial rate: 4.17%
Rate type: 5 year fixed
Monthly cost: £967.08 per month
Product fee: £0
Overall cost for comparison: 6.8% APRC
Halifax 4.17% 5 year fixed 6.8% APRC £0 £250 cashback £967.08 per month get quotes
Initial rate: 4.17%
Rate type: 5 year fixed
Monthly cost: £967.08 per month
Product fee: £0
Overall cost for comparison: 6.9% APRC
Halifax 4.17% 5 year fixed 6.9% APRC £0 £250 cashback £967.08 per month get quotes Broker Only Deal
Initial rate: 4.19%
Rate type: 5 year fixed
Monthly cost: £969.09 per month
Product fee: £995
Overall cost for comparison: 7% APRC
TSB logo 4.19% 5 year fixed 7% APRC £995 £969.09 per month get quotes
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Debt Consolidation Mortgage

Our Debt Consolidation Mortgage Service

Special features of what we offer include:

  • Whole of market service - we work with leading UK mortgage lenders who will take into account existing debts

  • Access to leading market mortgage rates

  • Access to exclusive loan deals not available on high street

  • Fast turnaround - speak to us today if you need to move quickly

  • We have lenders who will take into account previous defaults and missed payments 

  • Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To compare your debt consolidation mortgage options call our mortgage team or fill in our call back form.

Hassle Free Advice

How does a debt consolidation mortgage work?

If you have a large amount of debt over a number of credit commitments you may be wondering if a debt consolidation mortgage would be able to reduce the cost of your credit commitments, by taking out a mortgage on your home or remortgaging to borrow more you might be able to pay off all of your other debt and just need to make payments on your new mortgage, which may be less than what you currently pay.

Debt consolidation mortgages are usually long term commitments however and place your home at risk of repossession if you fail to keep up with your repayments, as such before taking one out it is to consider all of your available options. As well as when looking at debt consolidation mortgages to shop around to try and find the very best plan available to you.

Pros and cons of debt consolidation mortgages

Pros

  • You might find that moving all of your debt to one place makes it easier for you to keep up with your repayments, as you only need to make one.

  • Mortgages tend to offer lower rates of interest than other types of interest such as personal loans or credit cards.

  • Keeping up to date with your mortgage payments may contribute to a better credit score, illustrating that you have taken control of your debt to show that you are a responsible borrower. 

Cons

  • Although a mortgage may offer lower interest rates than credit cards or other types of finance, you need to consider that by spreading your payments over a longer period it is possible that you will ultimately repay much more in accumulated interest than by taking out a higher interest solution for a shorter term.

  • Failing to keep up with your repayments means that the lender could repossess your home, therefore ensuring that you can make the payments of your mortgage is absolutely vital.

  • You may need to have a large amount of equity in your home, depending on how much you need to borrow in order to pay off your other debts. 

A mortgage for debt consolidation is a big financial decision that should not be taken lightly. If you do decide to take out a debt consolidation mortgage then getting the best plan available to you should be your main priority.

If you are considering debt consolidation you may want to first speak to a mortgage broker. Fair Mortgages is an independent mortgage broker that can offer a whole of market service, not only could one of our Mortgage Advisers offer you expert advice about debt consolidation mortgages, but as a broker Fair Mortgages can access specialist mortgages from certain lenders who borrowers cannot apply for directly, one of which might have the best plan available for your specific requirements.  

If you want to find out more you can call us or fill in the Fair Mortgages enquiry form to request a call back for a free initial conversation about mortgages. 

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