Advice on remortgaging in 2016 to pay off high interest rate debt.
With mortgage rates set at historic lows, it’s possible to remortgage to consolidate outstanding debt to lower total monthly outgoings.
If you are on a higher rate deal fixed 2 to 5 years ago, it might even be possible borrow more money and still keep your repayments at current levels.
However 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 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.
If after reviewing all your options you decide that you really do want to remortgage to consolidate your debt, call us at Deal Direct for a competitive mortgage quote.
We are an independent ‘whole of market’ broker, with access to all deals market-wide. Call us and let one of our higher qualified advisers search the entire UK mortgage market to find you a deal to help you consolidate your debt.
For mortgage advice and a low rate quote, call 0800 048 8828.
