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Mortgages for when you need to wrap all your debts into one

Debt can damage far more than your financials…

At Derbyshire Mortgages and Protection, we know there’s more to existing debts than just your bank account. It’s the worry of impending bills, how to make ends meet and how to afford unexpected expenses – such as boiler breakdown, or a medical emergency. Getting out of debt is no easy feat, but there are ways to lessen the monthly load and keep on top of things. Debt Consolidation Mortgages can combine your debts into one manageable payment, reducing the amount you pay back every month, and stopping you from getting into further debt. It doesn’t matter if your debt relates to credit card debt, personal loans, overdrafts or store cards, a Debt Consolidation Mortgage can combine and cover them all – making life a whole lot easier for you.

Though Debt Consolidation Loans are right for some, they’re not right for all, and we want to ensure that our clients know what else is out there. There are alternatives that you may wish to consider, and our brokers can provide further guidance on this.

Think carefully before securing other debts against your home. The overall cost of repayment of other debts might be more when added to your mortgage. Your home might be repossessed if you do not keep up repayments on your mortgage.

 

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    FAQ

    1. What is Debt Consolidation, and how can it be achieved through a mortgage?
    Debt Consolidation involves combining multiple debts into a single, manageable loan. Through a mortgage, you can use the equity in your property to pay off high-interest debts.
    2. Is Debt Consolidation through a mortgage a good idea?
    It can be a helpful strategy for managing debt, but it’s essential to consider the long-term implications and ensure you can meet the new mortgage payments.
    3. What types of debt can be consolidated through a mortgage?
    Common debts consolidated through a mortgage include credit card debt, personal loans, and other high-interest debts.
    4. What precautions should I take when using a mortgage for Debt Consolidation?
    It’s crucial to seek professional advice to ensure that consolidating your debts with a mortgage is the right decision for your financial situation.

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    There may be a fee for arranging a mortgage and the precise amount will depend on your current circumstances and complexity of your mortgage needs. For purchases this will typically be £595, remortgages £399 and £199 for product transfers. Complex cases such as adverse, buy to lets and debt consolidation will typically be £695.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    Your property may be repossessed if you do not keep up repayments on your mortgage.
    Not all Buy to Let Mortgages are regulated by the Financial Conduct Authority.

    You may have to pay an early repayment charge to your existing lender if you remortgage.

    Think carefully before securing other debts against your home. The overall cost of repayment of other debts might be more when added to your mortgage.

    The cost of this insurance depends on several factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.

    As with all insurance policies, conditions and exclusions will apply.

    Derbyshire Mortgages & Protection Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Limited, which is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm reference number 982876. Registered Office: 4 Lime Tree Close, Tibshelf, Alfreton, Derbyshire, DE55 5RF. Registered Company Number: 12631487. Registered in England and Wales.