Standard Risk Warning
Your home may be repossessed if you do not keep up repayments on your mortgage
Debt con Risk Warning
Think carefully before securing other debts against your home; your home may be repossessed if you do not keep up repayments on your mortgage.
All too often credit cards and other loans can build up becoming difficult to manage. Debt consolidation can be an option, however, it needs to be carefully researched.
You may sometimes find that in addition to your monthly mortgage payments, you have built up other commitments such as credit cards and loan repayments for household goods or perhaps a car you have purchased.
Usually, the interest charged on these types of loans is far higher than the interest being paid on your current mortgage and it is sometimes possible to consolidate unsecured debts by adding them to your mortgage, which will often reduce your monthly repayments.
It must be understood though, that in doing this you transfer the debt to one lender and secure the loan against your main asset, your home. In addition, it can often lengthen the term of your repayments, and increase the overall interest charged, however in some cases this can still be beneficial and help you get control of your outgoings again.
Here at Day & Co Mortgage Services We will not only inform you of whether you can consolidate your debts, and provide you with the available options, but we will, more importantly, advise you personally on whether it is appropriate for you to do so.
So, if you would like to review your options to consolidate outstanding debt please call us today on the telephone number below and speak to one of our qualified mortgage advisors.
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 https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you’