The Best Debt Consolidation advice...
Mortgages/Remortgages: Typical APR 8.5%
Secured Loans: Typical APR 14.5%
So what is debt consolidation?
Simple. Debt consolidation allows you to consolidate your outstanding debts into one loan. This fixed monthly payment offers a lower interest rate, which effectively lowers your monthly repayments.
A debt consolidation loan is most likely a secured loan. Although an unsecured debt consolidation loan is possible, your interest rates would be much higher.
There are numerous things to consider before opting for a secured debt consolidation loan. Firstly, taking out a secured loan against your house is always risky. Be 100% that you are able to obediently make your monthly payments before signing on the dotted line or your home is at stake.
Other decisions to make:
• Whether to re-mortgage your home
• Whether to effectively pay off your debt over your mortgage
Debt consolidation secured loans – Allows you to consolidate your substantial unsecured debt with a secured loan. This usually results in lower interest rates.
Debt consolidation remortgage – Allows you to move expensive unsecured debt onto your mortgage.
When deciding on a debt consolidation loan you need to consult with an expert on the best solution to your financial problems is.
Whatever your debt consolidation needs, contact us today for free expert advice. If you are unsure about your options, try our Debt Consolidation 1 Minute Loan Test which will show you some of the debt solutions available, based on your personal finances.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
DebtConsolidation.co.uk is a trading name of Ask Finance Ltd which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.