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Consolidating Credit Card Debt into your Mortgage

Consolidating credit card debt into your Mortgage in Sheffield

The step of consolidating credit card debt into your mortgage may seem like an obvious way of dealing with debt. But we think you should consider this move in detail before you decide.

Consolidating unsecured credit into your mortgage is a step not to be taken lightly. This is due to the fact that you are taking your credit card debt – debt which is unsecured and securing it on your home.

It is also worth knowing that you will end up paying back more interest because you are likely to be paying this back over a longer period of time.

However, by consolidating your debt by mortgaging you can quickly reduce your monthly outgoings, which could be the objective you are working towards.

Mortgage Advice in Sheffield

Debts can have been accumulated due to home improvements that you have made to your home. In most instances increased the property’s value. Other times it’s just that the debt has been outstanding for several years and it can be hard to reduce this debt.

You could consider taking out zero % credit cards and take the sensible step of looking for a new card when the zero % period ends. However, it’s not guaranteed that you can always get a transfer and it’s when that happens that homeowners decide to take action. Consolidate rather than pay a double-figure interest rate is often preferable and more manageable.

Take advice when looking at debt consolidation & remortgage

A debt consolidation remortgage is not something most people would want to arrange without taking advice. Speak to a Broker and you will benefit from the consumer protection which is in place and a suitable mortgage will be recommended to you, tailor-made to your needs. The Broker works for you, not the Lender and will ensure you get the right outcome.

The savings some people make are hundreds per month if they are carrying large debts and some people prefer to have everything within one monthly payment too.

Credit Debt Mortgage Advice in Sheffield

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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