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If
you are considering debt consolidation by adding your
debts to your mortgage in order to allow you to reduce
your monthly outgoings. Contact us – there may be
other options.
Your existing commitments may
be on a fixed rate of interest for the full
repayment term. Consolidation into a mortgage would
mean that you would lose the certainty that your interest
rate and repayments would not change over the remaining
term of the loan.
Consolidation of your existing borrowings may initially
provide a reduced level of payment that is currently
comfortable within your budget. However, as you are
spreading the payment over the remaining term of your
mortgage you may be paying back more than you would
have under your existing arrangements and you are
increasing the total cost of repaying the debt. Think
carefully before securing other debts against your
home – Adding debts to your mortgage will increase
both the repayment term and overall costs.
You are also taking borrowed money from an unsecured
environment into a secured mortgage . Consolidating
unsecured loans into a mortgage means that your home
may be repossessed by your lender if loan repayments
are not maintained.
We could discuss general ways in which you could
manage your remaining debt.
Your
home may be repossessed if you do not keep up repayments
on your mortgage.
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