Remortgages for Debt Consolidation Manchester
Struggling with multiple debts and high-interest payments? A remortgage for debt consolidation allows you to combine your debts into one manageable monthly payment, often at a lower interest rate. By unlocking the equity in your home, you can pay off existing loans, credit cards, and other debts, simplifying your finances and reducing your stress. Our expert advisors will help you find the best remortgage deal to consolidate your debts—all with 100% fee-free advice.
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What is Remortgaging for Debt Consolidation?
Remortgaging for debt consolidation allows homeowners to combine multiple debts, such as credit card balances, personal loans, and overdrafts, into a single, manageable payment. This is done by refinancing your existing mortgage to borrow additional funds, which are then used to pay off your existing debts. This process can lower your overall interest rate and make managing your finances easier, as you’ll only have one monthly payment to focus on instead of several.
By releasing equity from your home, you can clear your debts and benefit from lower interest rates, helping you save money and gain control over your financial future.
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How Does Remortgaging for Debt Consolidation Work?
When remortgaging for debt consolidation, you replace your existing mortgage with a new one that includes the amount needed to pay off your outstanding debts. Lenders will assess your current financial situation, home value, and remaining mortgage balance to determine how much equity you can release. Once the remortgage is approved, the funds are used to pay off your debts, leaving you with a single monthly mortgage payment at (often) a lower interest rate.
This method can help reduce the financial burden of high-interest debt, giving you more breathing room in your monthly budget and helping you regain control of your finances. Our expert advisors will guide you through the entire process to ensure you get the best remortgage deal for your needs.
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Benefits of Remortgaging to Buy Another Property
Remortgaging to consolidate debt offers several key benefits:
- Lower Interest Rates: Mortgage rates are typically lower than those for credit cards and personal loans, helping you save money in the long term.
- Simplified Payments: Consolidate multiple debts into one manageable monthly payment, making it easier to stay on top of your finances.
- Reduced Monthly Payments: Spread your debt repayments over a longer period with a lower interest rate, reducing your monthly financial burden.
- Financial Stability: Remortgaging for debt consolidation can help you achieve financial stability by clearing high-interest debt and making budgeting easier.
With the right remortgage, you can reduce your financial stress and regain control of your finances.
Remortgage Property Manchester
It is definitely a wise decision to have your mortgage reviewed by a fee free ‘whole of market’ Manchester based mortgage broker as the end of your current deal approaches. The other option is to continue with the same lender and risk paying a higher rate than necessary. If you are looking for a remortgage adviser or buy to let remortgage adviser call us today for a completely fee free remortgage service.
Alternatively you may wish to remortgage your property to release equity for home improvements, buying a car, or to help your children to buy their own home. This is absolutely no problem as long as your financial circumstances fit the required criteria of the lenders.
Completely fee free Manchester Remortgage Broker
Our Manchester based adviser can offer guidance and solutions to all scenarios in relation to arranging a remortgage.
Use our Experience and Knowledge to place your applications with the most suitable lender , based on your circumstances.
Remortgaging can be complicated so it is not advisable to do it yourself on the internet. It always pays to use the services of a professional mortgage broker to ensure that you are not paying more than necessary. We would be delighted to review your current mortgage deal to see if any savings could be made by searching the whole of the market on your behalf. If we cannot improve your current deal, we will arrange to conduct a further review at a mutually agreed time in the future.
Help with your Remortgage
- Are you wanting to remortgage to add or remove a name from an existing mortgage
- Are you looking to remortgage your current property on to a buy to let / let to buy
- Are you looking to remortgage to consolidate some existing debts ie debt consolidation
- Are you still wanting to remortgage to a better deal , but your circumstances have changed since your original mortgage completed
- You are self employed and not sure of what is needed to suit lenders criteria for a new re mortgage
- Have you had previous credit issues and wish to look at all your remortgage options
- You have approached a Bank Direct and have been declined or they won’t lend you enough
FAQs
A remortgage is when you take out a new mortgage on a home that you already own. It can be to replace your existing mortgage or to borrow money against your property.
A mortgage for most people is their biggest financial commitment. By regularly reviewing the rates on their current mortgage, this can produce savings, sometimes £1000s each year on their payments. There can be positives and negatives to remortgaging.
Here are some reasons why you may want to re mortgage:-
Your current deal is about to end.
Most of the right mortgages deals available only last a short time – often two to five years. When it comes to an end, your lender will put you on its standard variable rate (SVR). This is likely to be higher than your current interest rate and higher than the right deals available via a broker. This is the time to review your remortgage options and secure a more competitive rate.
You want a better rate.
If you are tied into a mortgage deal then you might have to pay an early repayment charge (ERC) which can be high, often 2-5% of your outstanding mortgage amount. In addition, there may also be a small exit fee (often called an ‘admin fee’ or a ‘deeds release fee’). This doesn’t mean you shouldn’t consider it as the savings can be huge (especially if you have a large amount of mortgage debt). You just need to do your sums before looking at the switch options.
Your home has gained value.
If the value of the property has risen since you took out your initial mortgage, you may find you are eligible for a more competitive rate due to a lower loan-to-value band. Again, you need to fully review your calculations to see if it is cost effective.
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Excellent Service
Excellent service from David, he secured my remortgage deal 2 years ago and he is always very helpful. He went above and beyond to get the best deal for me for my current mortgage and is always there to reassure me and offer advice and the best deals to go with.
Nicholas Ward
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Email Us At enquiry@searchmortgagesolutions.co.uk
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