Remortgage Advice

If you have sufficient equity in your home, and you can afford the extra monthly payments, a remortgage might be a good option for you to clear your debts. It involves having your property valued (the lender you choose may pay for this) and obtaining a redemption statement from your current lender to establish market value. Market value minus the mortgage balance equals your equity figure, and if this is sufficient, you may be able to borrow more money against your property.

It is essential you seek independent financial advice from a qualified mortgage advisor to ensure you receive quality advice, specific to your circumstances.

Advantages of remortgage:

  • You will receive a lump sum and be able to pay all your other creditors off
  • Reduce the number of monthly payments to be made
  • It will be more affordable than an unsecured personal loan over a shorter repayment term
  • Unlikely to adversely affect your credit rating

Disadvantages of remortgage:

  • May affect any future plans to remortgage or move house, as equity amount much less
  • Can take many weeks to actually get the money, so no use for emergencies
  • Upfront fees to be paid, for mortgage application and valuation
  • Will be paying back more over a much longer period of time
  • Some lenders are reluctant to lend for the purposes of debt consolidation

More remortgage advice

For all you need to know about remortgaging, please download our free fact sheet or contact us for some free, no obligation help and advice.

Campbell Dallas Debt Solutions - if you have debt problems, we have debt solutions.

Debt Relief - let go of the pain of bad debt call us free on 0800 652 2821

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