Consolidating mortgage calculators
So in some cases, a credit card will be better at handling your debt than a remortgage deal.
Moreover, you may also put your home in jeopardy, as it will be secured against the debts on your credit cards and loans, as well as your mortgage.
With interest rates fluctuating, you may wish to consider remortgaging with a variable rate tracker mortgage plan, or move onto a fixed rate mortgage for stability.
When you are ready to apply, or even if you have more questions before taking the next step, you should speak to an accredited Mortgage Broker.
While mortgages will offer far lower interest rates than credit cards and an improvement on personal loan rates, that doesn’t mean that remortgaging for debt consolidation will save you money.
As you’re more likely to be paying off your mortgage for a longer period than your other debts, you are also more likely to be paying much more.
The less you need to borrow, the more likely that better deals will become available to you.
It’s worth bearing in mind that the new mortgage provider you switch to will need to value your property, so be prepared to research the local house prices and make a note of any home improvements you’ve made, just in case they come back to you with a lower than expected estimate.