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
No comments:
Post a Comment