Debt Consolidation Remortgage Advice in Leeds - Leedsmoneyman

Debt Consolidation Remortgage Advice in Leeds

Remortgaging for Debt Consolidation

Consolidating unsecured credit into your mortgage is not a step to be taken lightly. We highly recommend you speak to an experienced Mortgage Advisor in Leeds, like us, and consider all your options before making that final decision.

Is Consolidating Debt a Bad thing?

You will typically pay back more overall by rolling unsecured credit into your mortgage. That said, your monthly payments will usually be at a low level.

You are also taking securing debt against your home. Be aware that If you do not keep up payments on a mortgage, then your home will be repossessed. In any case, this is very different from missing payments on loans or credit cards.

Why do people run up large credit card bills?

Over the years, obtaining credit has sometimes been too easy. It’s quicker for people to borrow money than save up. Sometimes people have invested in home improvements though which may have increased the value of their property. It’s hard to make inroads into paying back historic debt if it is accumulating interest. Not everyone qualifies for zero% credit card transfers.

What are the other options?

Before consolidating credit, you should do a budget planner to analyse where you are spending your money each month. There may be some luxuries you can do without such as gym memberships, takeaways, and expensive coffees. Maybe a personal loan to consolidate your credit cards could be an answer. At least a loan has a set end date unlike credit cards, and since a personal loan gets typically taken out over a shorter term than a mortgage, then you may pay back less interest.

Maybe it’s worth speaking with a family member who may be able to help. It can be embarrassing for some people to talk with their parents about bailing them out but often if a family can help, then they will.

If all these avenues have been exhausted, then a debt consolidation mortgage might be right for you. It certainly is one way of reducing your monthly payments if you are struggling to save.

Take Advice When Looking at Debt Consolidation & Remortgage

A debt consolidation remortgage is not something most people would want to arrange without taking advice. Speak to a Mortgage Broker in Leeds, and you will benefit from the consumer protection, which is in place, and a suitable mortgage will be recommended to you, tailored to your specific needs.

Note that the Broker works for you and not the Lender so will ensure you get the right outcome.

The savings some people make are hundreds per month if they are carrying large debts and some people prefer to have everything within one monthly payment too


Malcolm's
mortgage guides









What Does Remortgage in Leeds Mean?

Taking a look at what remortgage in Leeds means, what defines a remortgage in Leeds & the reasons that people may remortgage in Leeds.









Do You Need a Deposit to Remortgage in Leeds?

A look at whether or not you need a deposit if you are looking to take out a remortgage in Leeds on your property and what to consider.

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2023 Leedsmoneyman

Leedsmoneyman, Wizu Workspace, 32 Park Cross Street, Leeds, LS1 2QH.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo