- Reduce your monthly outgoings
- Normally lower interest rate than unsecured finance
- Help you budget more effectively
Mortgage debt consolidation acts as a single loan that lets you borrow money against your property and repay debts such as unsecured loans, credit cards and store cards.
You could either be an existing residential mortgage customer who wants to borrow more or, if you have your residential mortgage elsewhere, you could remortgage to us and borrow more.
Borrowing on your mortgage to pay off your debts could help you achieve those financial goals you want, however it's important you consider the pros and cons carefully.
Paying back over a longer time means you will likely pay more in interest
Securing debts against your property puts your home at risk if you were to miss payments
Reduces the equity in your property
It is important to consider the implications of adding your debts onto your mortgage. Your home may be repossessed if you do not keep up repayments on your mortgage.
*Calculated at 4% for entire term
Cost impact of mortgage additional borrowing vs personal loan:
There are other options when it comes to borrowing money. While you could borrow on your mortgage to consolidate your debts, a personal loan may help do the same thing. Weigh up the options and see which fits best.
We understand that sometime bills can pile up and it's difficult to make ends meet. If you’re financially struggling or have missed repayments on your current debts, adding them on to your mortgage might not be advisable. We’re here to support you and help you see what else you could do.
Call us now on: 0800 056 0567
Opening hours: Mon-Fri 8am-6pm, Sat 9am-4pm, Sun Closed. Excluding public holidays.
Relay UK: 18001 0800 056 0567