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Equity Release
for Debt Consolidation
Many people today
have large credit
card balances,
or are paying off
personal
loans with very
high interest rates.
There are also a
number of companies
offering an `easy
way’ to combine
the debts
into one loan, with
small repayments
spread over a longer
term.
Consolidating debt
is a sensible approach
to take however,
the total cost of
repaying the loan
should always be
looked at, as some
loans available
have very high APRs
and you could end
up paying a lot
more than you need
to.
One way which could
be far more cost
effective in the
long term, if you
have equity in your
home, is to re-mortgage
your property. There
are a great many
excellent offers
available and many
mortgage lenders
are competing fiercely
for your business
and by increasing
the amount you borrow,
up to a maximum
of the current value
of your home, you
can release some
capital to pay off
or reduce your debts.
First look at any
redemption penalties
on your existing
mortgage, charges
for early re-payment
of any loans
and arrangement
and solicitors fees
for the new mortgage.
However, even taking
these costs into
account, you could
still save money
in the long term.
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If you would like advice or to find out if this could be the best way to solve a debt problem, please complete an Equity Release Mortgage Enquiry Form above and we will arrange for one of our advisers to contact you. If you would prefer to call us, our telephone number is 0845 108 0505. |
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