What is Debt Consolidation?

In simple terms, Debt Consolidation means taking out a single loan to pay off many other loans. This is often done by securing a lower interest rate, fixed interest rate or other convenience in one loan. Debt Consolidation may be suitable when an individual is paying off high interest credit card debt, store card debt, overdraft or loans. By consolidating these debts you may end up with just one manageable amount to pay each month with an overall lower rate of interest.

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service http://https//www.moneyadviceservice.org.uk/en/articles/where-to-go-to-get-free-debt-advice these services may be more suitable for you. (the MAS link can be hyperlinked within the Money Advice Service text.)

Why would I consider Debt Consolidation?

To replace multiple loan and credit card payments with a single monthly payment.
Reduce your overall monthly commitments.
Reduce rates on high interest credit cards, store cards, overdrafts or loans.

How do we consolidate your debts?

Typically we use a mortgage to consolidate your existing debt. Our team of CE-Map Qualified experts can advise you on the suitability of using a mortgage to consolidate debt, by discussing your monthly commitments and requirements we will be able to confirm whether this is the best option for you based on your circumstances. Once we have found the mortgage that is most suitable for your circumstances we will take care of all paperwork and administration on your behalf.

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Not sure if a debt consolidation mortgage is right for you? We can offer a range of debt solutions to best suit your circumstances, these include:

- Secured Loan
- Unsecured Loan

If you are still unclear or need more advice on what to do, please feel free to contact us. Our team of experienced advisers will do their best to provide you the best service and peace of mind.