Mortgage debt consolidating mortgage company
There are two types of debt consolidation loan: Debt consolidation loans that are secured against your home are sometimes called homeowner loans.You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.
Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.
This may, however, affect your ability to secure competitive rates.
It is also worth considering the long term cost-effectiveness of a debt consolidation mortgage, as it may lengthen the amount of time that the debt gains interest for.
For example, what if interest rates go up, or you fall ill or lose your job?
If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt. Remortgaging will allow you to consolidate all of your debts into one loan that is easier and cheaper to manage.