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This is an option for people who are still able to service their current debt levels. A re-mortgage is a process that replaces an existing mortgage loan with a new loan from a different lender.
What is debt consolidation?
Re-mortgaging is a way of paying debts off by releasing equity in your property. This can be an effective way of paying off outstanding debts more quickly. It is likely that a re-mortgage will have a lower rate of interest than a consolidation loan, but the amount borrowed will probably be repaid over a longer period.
What else should I know?
It is likely that a re-mortgage will be secured against your home so your property may be at risk if you have problems meeting the payments. Re-mortgaging your property may also affect your credit rating.
What are the benefits of a debt consolidation loan?
By re-mortgaging, you consolidate your unsecured debt into one affordable monthly payment by taking out a loan secured on your property.
With a re-mortgage you will have more control of your finances, fewer repayments to manage and greater peace of mind that comes with knowing you are on top of your finances.
Call us today for more information on a Re-mortgage.
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