A debt consolidation mortgage from Caboodle could help you to:
A debt consolidation mortgage is simply a mortgage that allows you to pay off your existing mortgage as well as clear other credit you may have. If your existing debts are at a high APR you could potentially save money via a debt consolidation mortgage. You could possibly lower your monthly repayments with a debt consolidation mortgage and as a result wipe out your other debts, leaving you with just one managable repayment to make each month.
If you are struggling to keep on top of your current repayments or have existing debts at very high interest rates then a debt consolidation mortgage could be the answer for you. Apart from making your monthly budgeting far easier to manage, a debt consolidation mortgage could also lower your monthly payments, as it will probably be at a much lower interest rate than unsecured debts such as credit cards, store cards, personal loans and overdrafts.
It is also possible to reduce your monthly payments by arranging to repay your debt consolidation mortgage over a longer period – although you must remember that by extending the term of your mortgage you may pay more interest in the long run and increase the total cost.
Another option may be to leave your existing mortgage in place and take out a debt consolidation loan. Your adviser can discuss this option with you if you feel it would also be of interest.
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 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 https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you.
Caboodle advisers are very experienced in arranging Debt Consolidation Mortgages and Debt Consolidation Loans so why not give them a call today on 0800 151 2407 or 0121 308 9114 and see if they can help. Alternativley you can complete the short online enquiry form to request a call back.
We can often arrange face-to-face appointments in Mere Green, Four Oaks, Sutton Coldfield, Lichfield, Tamworth, Burton, Birmingham, Walsall, West Bromwich and many other surrounding areas of Staffordshire and the West Midlands. Alternatively we can make arrangements for you to visit our offices to discuss your requirements in more detail.
The overall cost for comparison is 3.7% APRC. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Representative example: A capital and interest mortgage of £131,500 payable over 25 years initially on a fixed rate of 2.99% for 5 years and then a variable tracker rate at 3.49% above the Bank Base Rate (currently 0.25%) for the remaining term would require 60 monthly payments of £625.10 and 240 monthly payments of £668.70. The total amount payable would be £198,109 made up of the loan amount (£131,500), interest (£64,900), product fee (£999), broker fee (£595), final repayment charge (£80) & completion fee (£35). The overall cost for comparison is 3.7% APRC representative.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114