Debt consolidation

Wednesday, October 3, 2007

If you have a number of debts or loans that you are trying to make repayments on each month then you may find it beneficial to look at a debt consolidation remortgage.

A consolidation remortgage is ideal for those who want to make just one monthly repayment instead of several, and wish to try and reduce the amount that they are paying out each month. With debt consolidation you can often reduce your outgoings significantly, as the repayment on your consolidation remortgage is far lower than the collective repayments on your existing high interest debts such as unsecured loans or credit cards.

If you wish to consolidate debt you can enjoy a range of lenders and a number of different remortgage deals to suit different needs regardless of your credit history. Remortgages for debt consolidation are available to homeowners with a certain level of equity in their homes and those we meet the various lenders’ eligibility criteria in order to qualify for a consolidation remortgage.

You may have found that you have been unable to get a consolidation remortgage in the past due to mortgage arrears, CCJ's or have been made bankrupt. Your debt levels may have been too high to get a consolidation remortgage, or your credit rating may be too poor. Solution Mortgages can help in this situation as the lenders we deal with will consider applications from people with poor credit.

If you do qualify for a debt consolidation remortgage you need to make sure that once you have consolidated your smaller debts you do not run up further debts, as this will put you in a difficult financial position. If you do run up further debts you will end up having to repay your debt consolidation remortgage and the additional debts that you have accrued, so this is a temptation that you should definitely resist in order to benefit from consolidation.

If you are interested in discussing a debt consolidation remortgage speak to Solution Mortgages on 0845 123 1260 or apply online at http://www.solution-mortgages.co.uk/ to find out if we can help.