Do you have unsecured borrowing on credit cards or loans? If so, you are likely to be paying a lot more interest than you would if your borrowing was secured on property through mortgage debt consolidation.
The simple answer is lenders see secured debt as less of a risk and for two reasons;
People are far more likely to pay back what they owe on a mortgage each month even if they are struggling because keeping a roof over their head is always going to be a priority.
Secured debt also means the debt is secured on an asset which makes it easier to recover all or a significant proportion of the outstanding amount if the borrower defaults on repayments in the future.
At Green Mortgages we have a team of experienced independent mortgage brokers who are able to help you find the best mortgages to fit your individual circumstances. We are whole of market mortgage brokers which means we can source the best mortgage products from over 140 different lenders. Even if you are self-employed, have adverse credit or you have been refused a mortgage before we can help. Simply give us a call or contact us via the website.
If you have debts spread across multiple credit cards as well as loans and other financial commitments, your financial situation can be constant source of stress and worry. With multiple payments being made every month and often high interest charged on credit cards, it can take many years to pay off debts or you may end up spending years just covering interest rather than paying off your balances.
This can cost you enormous amounts in interest payments without ever paying off a debt. Consolidating your debts on a mortgage will provide you with an end point so you can plan finances better and potentially even pay less each month.
You will also be able to streamline all your monthly repayments into a single mortgage payment and you will have the peace of mind that you are reducing the balance of what you owe each month and paying a lot less interest on your borrowing.
Some types of mortgages are not regulated by the FCA so please consider your options carefully before securing debts on your home. Your home may be repossessed if you do not keep up with your repayments.
Speak to us now 01244 955 399 or request a callback from our team.
These questions help give some guidance to buyers from all angles of the property ladder. If you have any questions that aren’t covered opposite or if you would like a little more clarification on any of the points discussed, our team of experienced advisors are on hand to help you through any part of the buying process
There are two types of debt consolidation loans: secured and unsecured.
Depending on your financial situation, consolidating your debts might be the best course of action. Generally speaking, it’s a helpful solution if you’re drowning in debt and overwhelmed by monthly loan repayments.
Consolidating your debts can be useful if:
However, it’s worth keeping in mind that your income and credit score will affect whether or not you get approved for a debt consolidation loan, as well as the interest rates you’ll be offered if you are approved for one.
Debt consolidation loans offer many advantages, depending on your financial situation. They don’t make your debts magically disappear, but they can help to ease your burden, save you money and make life easier. The benefits of a debt consolidation loan include:
Consolidating your debts is an important decision that requires careful thought, research and number crunching. Getting expert advice is key to making an informed and financially sound decision. This is where Green Mortgages can help you. We’re mortgage advisors in Chester with a team of friendly, professional and experienced financial experts. We’ll discuss your financial situation in detail and figure out the best debt consolidation solution based on your individual situation. We pride ourselves on providing an excellent service and keeping our clients updated regularly throughout the process.