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Debt Consolidation Mortgage with Bad Credit
If your struggling with your existing credit commitments and feeling overwhelmed by your existing debts then a debt consolidation mortgage could help. Debt consolidation with a mortgage will allow you to repay your existing debts by incorporating the payments into your mortgage.
- Consolidate all your existing debt
- Reduce your monthly payments
- Repair your bad credit
More and more people are finding themselves with debt which they can no longer afford; they are finding it hard to manage the monthly bills and are looking for options to reduce the stress and money management problems associated with trying to make ends meet. One solution may be to consolidate your existing debt payments into one monthly, more affordable payment with an adverse credit mortgage, remortgage or secured loan.
Get a Bad Credit Debt Consolidation Mortgage
As a homeowner, you may be able to repay your bad credit by consolidating your existing debts into a bad credit mortgage, by spreading the debts over the mortgage term its likely your overall monthly payment will either be reduced or remain the same even though you have repaid and consolidated your debts and increased your mortgage borrowing - a mortgage is one of the cheapest forms of credit available.
You may also benefit from better credit arrangements in the future as once the debt consolidation mortgage has completed your bad debt, if you had any would normally be completely repaid - it will show as settled on your credit file which will obviously go in your favour for future mortgage applications.
I’m on debt management - Can I still consolidate my debts with a mortgage
A debt consolidation mortgage for people with bad credit (missed payments, defaults and CCJ's etc) is an ideal way to get back on track as usually the bad credit can be repaid as soon as the mortgage completes - If you are on a debt management plan we could still help. We have helped many of our clients remortgage away from debt management, we also have a number of clients have opted to remortgage and leave the debt management plan in place so as not to increase their mortgage borrowing. Regardless of whether you want to repay your debt management plan with a debt consolidation remortgage or just remortgage onto another deal with a new lender we could help.
There are good points and bad points to everything, we have listed below the good and bad points of a debt consolidation remortgage.
Debt Consolidation Mortgage - Things to think about
- The total mortgage amount will increase
- You may pay more interest over the term of the mortgage for your unsecured debt
Debt Consolidation Mortgage - Plus Points
- You will no longer have any bad or adverse credit or debts if everything is consolidated into one mortgage
- Get a fresh start
- Creditors can no longer take further action as they will be paid in full
- Your credit will improve as soon as the bad debts are repaid
- You will have access to better mortgage deals in the future
Debt consolidation may not be the best solution for everyone, we will be able to put the facts and figures to you so you can make an informed decision and if we do not feel debt consolidation is right for you we will let you know, if we feel it could be right for you - you will receive everything in writing for you to go over in your own time and make an informed decision.
With our no obligation enquiry there’s nothing to lose, simply complete the form to the top right or telephone 0845 094 2331.
