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Remortgages for Debt Consolidation
Debt Consolidation Remortgages are mortgages which allow clients to consolidate any debts they have built up and be secured against their house.
Clients often tell us that they can be annoyed that their existing bank puts restrictions on the amount of debt they can consolidate or imposes a cap on the maximum debt to income ratio. They also tell us they may have failed credit score due to the amount of debt they wish to consolidate.
We also often told how frustrating it can be that mortgage lenders limit the loan to for debt consolidation compared to other remortgages. At Capital Fortune we work with lenders who do not have these limits.
Customers often tell us that they’ve always paid their payments but will be in a much stronger position each month if their debts were consolidated into their mortgage over a longer period.
However, you should be aware that whilst this means you will make short term savings, over the long term you may end up paying more. This is because you may be borrowing the money for longer. You are also transferring previously unsecured debts to a mortgage, which is secured on your home.
It is important to demonstrate that you will be in a stronger position after the debt consolidation remortgage.
Our expert team work with a range of lenders who can look at each application individually. We assess each remortgage on its own merits, taking an holistic approach.
If you have built up debt which you wish to consolidate, contact us today!
Debt consolidation mortgage packages are usually available with a range of rate structures and at various loan-to-value ratios. To undertake debt consolidation, your mortgage must be secured with a smaller deposit than the value of your equity in the property. This may, however, affect your ability to secure competitive rates. It is also worth considering the long term cost-effectiveness of a debt consolidation mortgage, as it may lengthen the amount of time that the debt gains interest for.
Debt consolidation mortgage packages can be extremely helpful for borrowers with a range of circumstances. At Capital Fortune, we are committed to helping borrowers secure the best debt consolidation mortgage for their needs.
We offer a personalised service and carefully match the most competitive debt consolidation mortgage deals to your individual requirements. We analyse debt consolidation mortgages holistically to ensure we recommend the most suitable and affordable deal for you – beyond the headline rate.
Call our mortgage broker team now on 0207 7 100 400 or complete the Mortgage Enquiry Online. As part of our service, we will call you back.
Think Carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
You will potentially pay more interest by consolidating if the loan is increased and the term is extended.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Commercial Mortgages and some forms of Part Commercial & Buy to Let mortgages are not regulated.
In assessing your requirements, we do not use credit scoring and we can provide an accurate estimate of the amount of borrowing and the viability of your requirements, without effecting your credit score.
We avoid credit searches at the initial stages given that numerous credit searches will impact your ability to access cheap credit. It is clear that too many credit applications in a short period of time will impact your score and whilst it is important to shop around, formal applications for a mortgage can trigger rejections, as it gives the impression you may be desperate for credit. It is essential when making enquiries for any financial product, that the Company does not credit score you, until such time as you have agreed to make a formal application.
We can indicate your chances of approval prior to any application being made and where necessary, can obtain decisions in principle from lenders who do not use credit scoring.
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