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Many clients with young families will find that the burden of paying Credit Cards and other loans can quickly become very difficult to manage. Debt consolidation can be an option to consider, but it must be carefully researched and should never be treated as a ‘quick fix’. This is where seeking professional guidance from a qualified and regulated Mortgage Broker will make sure you are taking the correct and most appropriate course of action.

Your monthly mortgage payments are always accounted for but you may have built up other debts as time has passed…car loans, a loan for a special family holiday, credit cards. It is a fact that if you borrow it, someone is going to expect it to be repaid! 

A factor that is rarely considered at the time of purchase is that the interest charged on these types of loans is far higher than the interest being paid on your current mortgage and it is sometimes possible to consolidate unsecured debts by adding them to your mortgage, which should in turn reduce your monthly payments quite considerably.

You must however remember that if debts are held in individual names, any debt consolidated into a joint mortgage will automatically become a joint liability. 

If you do wish to take this action and we as Professional Mortgage Advisors consider it appropriate and beneficial for you, that you are transferring your various unsecured debts to just the one lender and you are securing the debt against your main asset…your home!

By doing this you will also be lengthening the term of your repayments and will subsequently increase the total amount of interest charged, however in many cases this will still be beneficial and can help you get your outgoings under control once more.

We believe that debt consolidation into your mortgage should be a once and once only exercise and stress that a decision to go down this route should not be taken lightly. We will furnish you with a report showing the comparative costs of consolidation that will allow you to make an informed decision as to whether this is the right course of action for you.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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