Debt Consolidation

Against the background of increasing property values, in recent years many people in the UK have used the process of remortgaging to ‘release equity’ in their property in order to use the money for other purposes – sometimes to pay off other debts that exist. This is known as debt consolidation and in some cases can be a good approach to rationalising debt and reducing multiple monthly payments to a single, probably more manageable payment.

However, in making such a move people should be aware of the possible consequences of extending the term of the debt and securing previously unsecured debt. Also, the option of negotiating with existing creditors might produce better long-term results. Our specialist advisors would help with these considerations enabling you to make the best decision for your own situation.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.