A debt consolidation remortgage allows you to replace your current mortgage with a new one – on different terms, which can help to free up a lump sum of cash. You can then use this lump sum to pay off your other debts., which you can then use to pay off some of your other debts.
Remember, rolling all your other debts into your mortgage means that your monthly mortgage repayments will go up as a result. So it’s important to make sure you’re fully informed of the impact remortgaging will have so you won’t struggle with higher repayments.
You should speak to a mortgage broker when you want to consolidate debts by remortgaging. They’ll know your options and be able to advise you on the best thing to do to be able to manage your money.
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