Debt consolidation remortgages – why choose Deal Direct?

According to a recent TUC report, based on data released from the Office for National Statistics, average household debt currently sits at £11,800, which is the highest level since 2008. 

Figures show that around 26.5% of annual income is being spent by house holds on servicing on loans and credit cards. Many house-holds have said that should interest rates rise they may struggle to meet their outgoing financial commitments.

With this is mind many are opting to consolidate their debt by remortgaging.

Why remortgage to consolidate debt?

Remortgage rates remain at record lows and many home-owners who owe money on higher rate credit cards and loans, are choosing to remortgage and combine debt into one lower rate month payment.

House prices are rising in the UK which means equity levels are rising too.

Those who have credit card and loan debt, in addition to mortgage payments, can release equity to combine everything into one lower interest rate under their mortgage. By consolidating all debts monthly outgoings can be lowered into a more manageable amount.

The pros of a debt consolidation remortgage:

•  Remortgage rates offered are lower than those on a standard credit card or loan.
•  It’s easier to budget one consolidated payment each month. 

If you want to consolidate your debt now is a good time to do so, while rates are set low. To get the most competitive rate available to keep your payments low, you are advised to search through every lenders’ range market wide.

Making a whole of market remortgage search.

There are over 100 mortgage lenders in the UK. Each has a range of fixed rate and variable remortgage products with rates, fees, criteria and LTVs set at varying levels.

There are hundreds and hundreds of re-mortgage products available in the market at any one time. This situation is further complicated by the fact that lenders continually update their ranges by new launching new deals and withdrawing product.

With so many lenders and products to choose from it’s virtually impossible to search the market alone.

Why choose Deal Direct for your remortgage?

Failure to enlist the services of an independent mortgage adviser can mean missing out on the most competitive offer. At Deal Direct we can help you to both increase your mortgage size to consolidate debt and switch to a lower rate offer than you are currently on.

In doing this we can help you to borrow more on your mortgage while keeping your monthly mortgage payment at current levels.

• We have vast experience sourcing debt consolidation remortgages.
• We have help many home-owners to reduce their monthly outgoings.
• Our advice is independent and impartial.
• We work in your interest and solely on your behalf and not on behalf of the lender.
• Our advice is based on your financial needs.
• We search the entire market and review every lenders’ remortgage range for the right deal.

NOTE:

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. You should therefore think very 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 - these services may be more suitable for you. 

For advice and a low rate quote call 0800 048 8828.