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Get a Mortgage Quote Debt consolidation mortgages for poor credit or bad credit history applicants. Find mortgage brokers specialising in mortgages for debt consolidation. Find advice, information and guides on mortgages for the self employed, discharged bankrupts, IVA mortgages, mortgages with CCJs, information on debt consolidation, poor credit and bad credit mortgages, advice on mortgage arrears, guides on self employed mortgages, mortgages with county court judgements and solutions for poor credit mortgages through specialist mortgage brokers.

Depending on the circumstances, debt consolidation mortgages can be a useful option for homeowners who are struggling to meet the repayments on a variety of loans, credit cards, store cards, and other credit agreements.

Over the past few years, most homes have risen in value - often quite dramatically. This means that if you bought your home a few years ago ypu could have considerable equity tied up in y our property. Equity is the difference between what your house is worth today and the size of the mortgage you took out when you first bought it.

If you have equity in your home, you can release this cash by remortgaging. When you remortgage with the intention of using the equity to pay off unsecured debts (such as personal loans and credit cards), this is known as a debt consolidation mortgage or a debt consolidation remortgage.

A debt consolidation mortgage can often mean you end up paying out less per month than you do at the moment for all your combined repayments on loans, credit cards, and hire purchase agreements. This is because the interest rates on debt consolidation mortgages are usually lower than the interest rates on unsecured borrowing.

The disadvantage of consolidating your unsecured debts with a debt consolidation mortgage is that you may end up paying more in interest in the longer term. This is because most personal loans and credit card debts are paid off within five to ten years at the most. A debt consolidation mortgage on the other hand is likely to run for anything from around 15 to 20 years.

So when you are considering a debt consolidation mortgage, you need to weigh up the pros and cons and decide what's most important to you. Do you want to have lower monthly outgoings now but possibly pay more interest in the long run, or can you afford to keep your monthly outgoings at their current level and thus pay off your debts earlier.

As with any decision that involves a big financial commitment like a mortgage, it makes sense to seek expert guidance from someone who knows the mortgage market well.

You can use our online enquiry form to get in touch with a mortgage broker who can offer help or advice on debt consolidation mortgages. Just complete the no-obligation confidential form and we will arrange for a debt consolidation mortgage specialist to contact you and discuss the options with you.


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