Did you know that you could consolidate all outstanding debts into one manageable loan? A number of people choose to re-mortgage their property so that they can pay off debts that they have for credit cards, car purchases, or small loans.
Why do people choose to do this? By using the equity in your home to clear all your debts, not only gives you a fresh start but can also alleviate stress. Managing your overall debt in one place is easier and helps manage a budget better.
Consolidating your outstanding debts can also mean that you pay less interest overall, as often credit cards have high-interest repayment fees compared to mortgages. Often due to the high-interest fees of credit cards, people tend to pay off the bare minimum monthly, meaning that the outstanding amount continues to attract APRs as high as 23%.
What types of re-mortgage products there on the market? the second charge, further advance, re-mortgage onto a better deal with capital raising.
A key thing to remember with any mortgage is key advice from the FCA (Financial Conduct Authority) “your home may be repossessed if you do not keep up with payments”.
Journey Mortgages is a specialist broker that can help you with re-mortgaging and more. Get in touch, and one of our friendly team with be happy to help you with your enquiry.