Are you looking to consolidate your
debts into your mortgage?
Consolidating some or all of your debts into your mortgage can help reduce your monthly outgoings
There are many reasons why consolidating your debts into your mortgage makes sense with the main advantage to reduce your monthly outgoings. We work with mortgage lenders who specialise in debt consolidation and can ensure you get the most suitable rates and terms.
What is a debt consolidation mortgage?
Debt consolidation mortgages are used to pay off debts like credit cards, overdrafts, payday loans, car loans and hire purchase agreements by using the equity in your home.
How does it work?
Review Your credit report to note and add up what debts you have
Consider which debts should remain or be consolidated
Speak to a mortgage broker who specialises in debt consolidation
Georgiana Olescu2024-04-10Paul is an amazing broker, very helpful, responsive to emails and patient with customers. The process with him was quick and easy as his work ethic is impeccable. We are beyond impressed and happy with his services and that we got to work with him.
Valerie O2023-12-28Exceptional service provided by Paul, I could not have asked for better. Definitely does his due diligence and goes above and beyond. Highly recommended!
Bonnie Frost2023-12-25Paul is a fantastic advisor and guided my husband and myself through the entire process of buying our first home, he made the entire process feel easy and we were well informed along with great communication and fast action. We completed within 3 months of contacting Paul.
Johnathan Lowery2023-11-16Working with Paul has been a hugely positive experience. Paul took the time to understand our needs and financial situation, ultimately securing us a mortgage deal that we would not have been able to obtain on our own. His guidance and patience over an extended time was invaluable in guiding us through a volatile period in the property market. I highly recommend working with Paul at Your Property Financial.
Adeel Sarwar2023-10-02It has been great working with Paul. He helped us to redeem our help to buy equity loan which didn't seem possible to me when I first contacted him. It took much longer than expected due to many obstacles but Paul explained every step of the process very clearly and he regularly communicated with me to ensure the remortgage went through as efficiently as possible. I would definitely recommend working with Your Property Financial.
Jessica2023-08-29I would highly recommend Paul as a mortgage broker. As a first time lone buyer I began the process feeling very out of my depth, particularly in a market where mortgage rates are very high. But from the get go Paul provided reassurance and practical guidance and has been immensely helpful throughout the process. I've really appreciated his responsiveness, honesty and support.
Louise Griffiths2023-08-28I reached out to Paul 2 years ago and giving this review now because I wanted to ensure that I could give a true review of what benefits I have experienced from using his service. I am thrilled with the financial expertise given to me by Paul. His skillful negotiation secured me an excellent mortgage rate within a short turn around time. This has not only set me on the path to paying off my principal balance but has also allowed me to simultaneously build a solid emergency fund. His initial guidance has been invaluable in shaping my financial future. I look forward to working with Paul again, once my 5 year plan is near its end. Highly recommended!
Calum Hebron2023-08-05Paul has been consistently excellent, ensuring we got the best possible mortgage deal at a time when rates weren't great. Paul worked with us to understand our financial complexities and went above and beyond to ensure they were understood by mortgage providers. We've been made to understand every stage of the process, and as first time buyers we were able to feel confident in the decisions we made. I would highly recommend working with Paul at Your Property Financial.
Czarina2023-08-04My almost a year-long journey with Paul as my broker has been truly amazing, despite a few hiccups during the mortgage process. Working with him has been the best decision ever! As a first-time buyer, I lacked knowledge about purchasing a home, but Paul's guidance and expertise were outstanding. He explained things in a clear and concise way. What impressed me the most was Paul's responsiveness. He promptly addressed all my questions and concerns, never making me feel like a bother. Even when I faced challenges, Paul's determination and problem-solving skills were unwavering. I felt so supported throughout the entire process. Thanks to Paul's unwavering support, I managed to reach this point. I highly recommend him to anyone, especially fellow first-time buyers. Paul's knowledge, patience, and reliability are unmatched. He's not just a broker; he's an invaluable ally in this complex process. Thank you, Paul!
Alistair Prestidge2023-07-11Paul helped me to get my Mortgage approved in less then 48 hours! He has been great and I can’t recommend him highly enough. His communication is excellent, and he helped me understand each stage of the process easily. Thank you so much for helping me buy my very first home! I will most certainly be recommending Paul to friends & family!
There are numerous debts you could look to consolidate into your mortgage
Let’s look at some of the typical debts that can be consolidated into your mortgage:
Credit card debts
Car loans or Hire purchase agreements
Personal loans
Overdrafts
Payday loans
Having high-interest unsecured debts on things like credit cards and loans can start to affect your credit rating negatively if it all builds up too much, as mortgage lenders may start to worry you’re overstretching yourself and it can reduce the mortgage amount you can borrow in the end if your unsecured debts (like credit card and loans) are too high; either as the total amount you owe or the monthly payments you make each month.
IMPORTANT
Consolidating previously unsecured debts onto your property will mean those debts form part of your mortgage which is a secured debt on your home.
Debt consolidation may reduce your monthly payments but also may result in you paying more interest over the longer term. Your mortgage broker will consider carefully for you if this is sensible and advise you accordingly.
Debt consolidation is therefore an area where you should receive specialist advice to make sure you’re not unnecessarily securing previously unsecured debts onto your property.
How much could You borrow?
The amount you could borrow will depend on how much equity you have available, your credit history (if there’s any previous bad credit, a remortgage with bad credit may also be possible), and if you meet a lender’s affordability criteria; so your current income is going to be a significant factor.
Debt consolidation mortgages can let you borrow up to 90% of the value of your property.
It will likely reduce your monthly payments but it may increase the overall interest you pay back.
Consolidation of recent costs incurred for home improvement is available.
How can you save interest?
Putting your bills together could save you £100’s per month and thousands in interest saved in total, especially if you have high-interest paying debts such as credit cards, pay day loans, and some type of personal loan.
However, your mortgage broker will review if this is advisable to consider as by adding the debts to your mortgage you’re spreading the cost of the debt potentially over many years; therefore paying more in interest in the long term.
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Your broker is here to help
Often the lenders will make assumptions or even worse let the computer make the decision on whether to lend to you. This is where we step in and help advise and arrange to ensure you get the correct mortgage and consideration by the lender at the application stage and we present your application in the best possible light; therefore increasing your chances of acceptance at first application.
More useful pieces of information
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage if you’re looking to exit your current mortgage deal early, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service as these services may be more suitable for you.
Why choose us
We’re experts in the field
Our team of brokers are specialists with helping to consolidate debts into your mortgage and can help you understand the most suitable options available to you and advise when you should or shouldn’t consolidate certain debts.
We can find great deals at speed
Access to over +90 lenders so you will get the most suitable rates and terms available with many of these lenders not available on the high street as they’re exclusive to brokers.
relationship
Real relationships with the lenders so we can get your application pre-approved if your situation isn’t straightforward. Plus your mortgage broker is there answer all the questions you may have.
Rapid solutions
We’re quick, on our first call we will quickly establish your options and let you know the next steps so we can arrange everything promptly for you.
If you prefer to speak face to face we can also arrange a video call.
Have you been struggling to make ends meet lately?
Putting your bills together could save you hundreds of pounds per month.
The goal of a debt consolidation mortgage is to consolidate your debt by using the equity in your property to pay off your unsecured debts to bring your monthly payments down.
