Is a debt consolidation mortgage right for me?

Debt consolidation mortgages

A debt consolidation mortgage is a mortgage that's big enough to pay off your original mortgage and your unsecured debts. By taking out this type of mortgage you could lower your monthly payments.

You'd owe more to your mortgage provider, but you'd wipe out your other debts, so you'd have just one repayment to make every month – your mortgage.

If you're struggling to keep track of your debts, a debt consolidation mortgage could be the answer.

Apart from making your monthly budgeting far easier to manage, a debt consolidation mortgage could seriously lower your monthly payments, since it will probably come with a much lower interest rate than unsecured debts such as credit cards, store cards, personal loans and overdrafts.

It's also possible to reduce your monthly payments by arranging to repay your new mortgage over a longer period - although this will increase the total cost, as the money will spend longer gathering interest.

Why would I need a bad credit mortgage?

Bad credit mortgages

Having a bad credit rating doesn't mean you can't get a mortgage.

At Think Money, we specialise in finding mortgages for everyone, regardless of financial history. We work with a wide range of lenders, so there's an excellent chance we can find the perfect mortgage for you, whatever your circumstances.

If your credit history isn't as good as it could be, many mortgage providers won't give you a mortgage. Being refused isn't just depressing – multiple refusals in a short space of time can look bad on your credit file, making it even harder to find the mortgage you're looking for.

It's another good reason to talk to Think Money. Different mortgage providers have different ideas of what's important, and we've worked with a wide range of them for a long time. We'll know who's the most likely to say 'yes' to someone in your situation, giving you the mortgage you need.

Remember: Making regular payments to a mortgage is a good way to improve your credit rating.

mortgage

What can affect my mortgage repayments?
Interest rate

If you choose a tracker or variable-rate mortgage, your repayments are liable to change each time the rates change. Alternatively, a fixed-rate mortgage means your payments stay the same. Our mortgage calculator lets you see how much you'll pay at various rates.
Repayment period

The longer your repayment period, the lower your monthly repayments will be – although you will end up paying more in the long run. Using our calculator, you can see how much the repayment period could affect your monthly outgoings.
Type of mortgage – repayment or interest-only?

With a repayment mortgage, you will repay what you have borrowed, plus interest. An interest-only mortgage means your repayments will be lower, but you will have to repay what you have borrowed

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Get in touch

We'll find the best mortgage deal to suit your needs from our panel of lenders.

Get your quote

Get a free no-obligation mortgage quote from our team in a single free call!

Get your mortgage

We'll do all the paperwork, making it as simple as possible to get your mortgage.

Let us help find your mortgage

At Think Mortgages, we understand that finding the right mortgage deal can be a chore. We specialise in finding mortgage deals that are perfectly suited to your individual needs.

Our expert advisers will discuss your situation in depth to establish exactly what you’re looking for. Once we have your details, we do the rest of the work on your behalf, leaving you to relax.

Need mortgage advice?

If it’s just advice you’re looking for, our advisers will be more than happy to help. We can answer any questions you have about mortgages, and we could even help you if you are struggling with your existing mortgage.

Remortgage

Whether you’re coming to the end of an existing deal or simply looking for a change, we can help you find a great remortgage deal.

A remortgage is often a great opportunity to save money on your monthly payments. Call us and one of our expert advisers will explain what kind of remortgage deal could benefit you the most.

Remortgage at the end of a good deal

Remortgage at the end of a good deal

When you reach the end of a fixed-rate, discounted or capped deal, you'll probably start paying the lender's standard variable rate (SVR), which is often 1-2% higher.

It makes sense to check out your options before this happens. You need to find out how much more that SVR deal would cost you, and how much you could save by switching to a new fixed-rate, discounted or capped deal.

But before you make any decisions, you should talk to a mortgage adviser about the costs involved – any early repayment charges you'd incur by leaving the old mortgage, as well as the cost of taking out a new mortgage.

If the savings outweigh the cost, it's probably worth remortgaging.

To talk to one of our specialist mortgage advisers, call us today on freephone 0800 195 2913

The overall cost for comparison is 5.7% APR (typical).

Remortgage to consolidate your debts

Remortgage to consolidate your debts

If you're struggling to pay off lots of unsecured debts, a debt consolidation mortgage could be the ideal solution for you. You could take out a new mortgage that's big enough to pay off your original mortgage and your other debts.

You'd owe more to your mortgage provider, but you'd wipe out your other debts.

You could dramatically lower your monthly payments, since your remortgage will probably come with a much lower APR than your unsecured debts. Plus, you could make your monthly finances a lot simpler, as you'd have just one repayment to make – your mortgage.

It is important to remember that spreading your payments over a longer term could mean that you pay more in the long run, and there are risks involved in adding other debts to your mortgage as you risk losing your home if you don't keep up with your payments

Remortgage

Welcome to the place to find the right remortgage for you! We have it all here – great products, great market, great prices and access to all of the relevant offers for you! We have tried to make your life as easy a possible because we fully understand that choosing a remortgage is something that you probably never foresaw yourself having to do. This can be disorienting as it is. As a result, you can find everything you need right here to make the right decision the second time around.

A good remortgage will fit you like a glove. Yes this is a cliché but it is also very apt! It will suit your personal circumstances, your financial situation and also make sure that any wants and needs that you currently have are taken care of. For example, if you have a family then you will most likely have little disposable income after the bills are paid. You may even struggle to afford the bills some months and so a good product can free up a little cash for you to enjoy whilst you keep on track with your mortgage repayments. If you live alone then your one income will really be stretched so looking for lower payments may give you that little bit of breathing space you need. Of course, there are many other circumstances not covered here but no matter where you are in life we can help you!

A remortgage is an excellent product to help you get back on your feet again, even if that only means lowering your repayments to help you cope with the strain of daily life now that the cost of living has risen dramatically. If you want to consolidate debts we can help you. If you want to have home improvements completed then we can help you. If you need a large purchase like a car then we can help you. We can even point you in the right direction to get a life insurance quote, saving you even more money.

The remortgage is an all purpose product but it will give you the time and space you deserve to get back on track and/or improve your financial flow so grasp it with both hands! As part of your financial review, why not visit our partners to get some endowment policy advice ?