Equity Release Mortgage for Debt Consolidation
Equity Release Line
0808 156 2670
Equity Release Mortgage for Debt Consolidation
Many people today have large credit card balances, or are paying off personal loans with very high interest rates. There are also a number of companies offering an `easy way’ to combine the debts into one loan, with small repayments spread over a longer term.
Consolidating debt is a sensible approach to take however, the total cost of repaying the loan should always be looked at, as some loans available have very high APRs and you could end up paying a lot more than you need to.
One way which could be far more cost effective in the long term, if you have equity in your home, is to re-mortgage your property. There are a great many excellent offers available and many mortgage lenders are competing fiercely for your business and by increasing the amount you borrow, up to a maximum of the current value of your home, you can release some capital to pay off or reduce your debts.
First look at any redemption penalties on your existing mortgage, charges for early re-payment of any loans and arrangement and solicitors fees for the new mortgage. However, even taking these costs into account, you could still save money in the long term.
If you would like advice or to find out if this could be the best way to solve a debt problem, please complete an Equity Release Mortgage Enquiry Form and we will arrange for one of our advisers to contact you. If you would prefer to call us, our telephone number is 0808 156 2670.
Equity Release Options
Browse our equity release guides, enquire online or call us on 0808 156 2670.
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