Debt Consolidation Mortgages

In some cases it is possible to transfer secured and unsecured debts onto your mortgage in order to reduce your monthly outgoings. The ability to do this will depend on the amount of equity in your property and the confirmation that the new mortgage repayments will fit within your affordability.

The reason that the payments go down is due to the fact that the interest rate on mortgage is in most cases much lower than the rates offered on personal loans and credit cards and you are in effect spreading the debt over the life of your mortgage.

Once the debts have been transferred, it is important that you do not run them up again. It may be impossible to transfer the debt a second time and if you fall behind on payments you will incur a bad credit rating.

Once debt is transferred onto your mortgage it becomes secured against you home. It is important to remember that your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Burton Mortgage Services Ltd is highly knowledgeable about debt consolidation and is fully qualified to assist with all aspects of your enquiry.

If you would like to enquire about Debt Consolidation please complete our mortgage enquiry form and one of our qualified advisers will contact you within the next 24 hours.