If you have any unsecured borrowing, the interest rates are usually higher than if you secured it.
Also, unsecured debts tend to be of a shorter term nature than a mortgage, so the monthly repayments can be very high.
A debt consolidation mortgage is typically where a person will take out a mortgage that is large enough to pay off an existing mortgage, whilst borrowing extra to repay existing debts. Consolidating the debt can not only reduce your outgoings, it can help give you structure to actually pay back what you owe, over a comfortable and affordable timeframe.
There are pro’s and con’s to remortgaging in this way, and it is vital that you get advice for your personal circumstances to ensure this is the most beneficial option for you.
Call JB Mortgages today where we can have a no obligation chat to discuss your circumstances.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home.
You may have to pay an early repayment charge to your existing lender if you remortgage.