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Mortgage Advice & Financial Advice - Mortgage Types Debt Consolidation - Mortgages & Advice
Debt Consolidation
This is designed to help your debt problems and one suggestion is to incorporate all of your debt onto your property. There are different ways you can consolidate your debts (e.g. through secured loans or remortgage or unsecured loans). There are various risks attached to these type of solutions.

Debt Consolidation

Mortgage Advice - Debt Consolidation

Debt Consolidation

This is designed to incorporate all of your debt onto your property. There are various risks attached to this type of solution.


Mortgage Advice - Debt ConsolidationThis is when you wish or need to borrow additional money to consolidate your debt such as credit cards, store cards, overdraft, loans and HP.

Three main ways to consolidate your debt.
There are 3 main ways of consolidating your debt – with your existing lender directly, a secured loan with a different lender, or a remortgage, the first two options being possible without redeeming your existing mortgage. There are other ways of raising additional money, so this isn't an exhaustive list, just examples of the 3 main ways.

In order to carry out this type of process you must have equity in your current home together with your income being affordable to borrow the additional money.

This can be a suitable way to bring all of your debt under one roof and keep your outgoings to a minimal, because you are reducing the individual interests on each credit card or loan to a more manageable and affordable rate. Please be aware that placing your debts under one roof for a short term may result in a lower interest rate being charged, but then this needs to be balanced against the fact that overall this may increase the term over which the debts are paid and thus increase the total amount payable.

There are risks attached to putting all your eggs into one basket, as now all of your debt is secured against your home and if you miss your repayments on the mortgage you could inevitably lose your home.


*Note - Depending on which type of debt consolidation you decide on, there may be a charge for this service.
Should you have a need for a secured loan you will be referred to a third party provider. Neither Trust Financial Solutions nor First Complete Ltd accept responsibility for any advice supplied by the third party.


Disclaimer - Note


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 OTHER DEBT SECURED AGAINST IT.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

Secured loans are not regulated by the Financial Conduct Authority.

We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.


Request Your Initial Mortgage Consultation Today!

Should you need help or understanding about these different mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We simply aim to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.

Trust Financial Solutions can assist you in finding the right mortgage for you. We offer a confidential one-on-one service that can take the guesswork out of mortgages and help to guide you through the process from start to finish. This is what we do best and we look after you every step of the way.


  • We match your personal situation and objectives with the most appropriate mortgage deals available from our panel of mortgage lenders.
  • We will request from you all the necessary paperwork at the start.
  • We work closely & meticulously with mortgage companies to ensure the application is processed promptly, guiding you through every step of the way from first contact to completion.
  • We take pride in working to meet your timescales.

At Trust Financial Solutions we strive to be professional, courteous, prompt, trustworthy, honest, caring, but most importantly, we'll always have the best interests of you, the client, at heart.

Prefer someone to just explain all of this to you?


Debt Consolidation - Options

Repayment Mortgage

This is also known as a Capital and repayment mortgage. This is the only mortgage that guarantees your mortgage will be completely cleared at the end of the term providing you keep up to date with all the required mortgage payments. Each monthly payment comprises part interest, and part return of capital.


Interest Only Mortgage

This is a mortgage where only the monthly payments cover the interest on the mortgage.

The loan is not decreased and at the end of the specific period the capital still remains and you will have to pay off this loan in full. In order to do this you will need an investment to cover the outstanding amount, (savings). The sale of your home is currently not allowed to pay off the loan
*Please note that we are unable to provide any advice in respect of a suitable repayment vehicle





Generic Mortgage Types - Explained

Offset Mortgages

Offset Mortgages

An offset mortgage allows you to offset your savings against the sum you have borrowed on your mortgage and you will be charged interest on the balance. It is usual for interest to be charged on a daily basis and may allow you to pay off your mortgage faster than with a conventional mortgage, and may save you money in the long run.

Fixed Mortgages

Fixed Mortgages

With a Fixed Rate Mortgage, the rate stays the same throughout the specific period, thus giving you peace of mind that your monthly payments won't change.
This allows you to budget accordingly

Tracker Mortgages

Tracker Mortgages

The Tracker Rate Mortgage follows a particular base rate such as the Bank of England Base rate or LIBOR (London Interbank Offered Rate) and can decrease or increase accordingly.

SVR (Standard Variable Rate) Mortgages

SVR (Standard Variable Rate) Mortgages

This is the Banks own lending rate without any discounts or deals. Usually this rate provides you with total flexibility and no penalties for closing the account early.



Other Mortgage Product Types

House Purchase / Moving Home

House Purchase / Moving Home Mortgage

This is the mortgage you'll require when you are buying a new home or moving to a different home and need to sell your existing house either privately or through an estate agent.

Click For More House Purchase Mortgage Info...

Remortgage

Remortgage Mortgage

This is the mortgage you'll require when you switch your mortgage (like for like) from one lender to another.

Also this is a good time to reassess your personal circumstances and make any necessary changes to your current mortgage. You may wish to borrow additional money to improve your kitchen or bathroom etc.

Click For More Remortgage Info...

First Time Buyer / Buying Your First Home

First Time Buyer / Buying Your First Home Mortgage

This is the mortgage required for people who want to get on the first rung of the ladder. There are lots of options available to you and some only require a small deposit.

Click For More First Time Buyer Mortgage Info...

Further Borrowing

Further Borrowing

This is when you wish or need to borrow additional money to build an extension to you home, modernise your kitchen or bathroom, consolidate your debt, or raise money for a new investment property.

Click For More Further Borrowing Info...

Debt Consolidation

Debt Consolidation

This is a process designed to incorporate all of your debt onto your property. There are various risks attached to this type of solution.

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Let To Buy

Let To Buy

Let to buy is a situation where a homeowner wishes to purchase a new home to live in and rent their existing property out to tenants.

Click For More Let To Buy Info...

Buy To Let Mortgage

Buy To Let Remortgage

Self-Build Mortgage

Self-Build Mortgage

This is the mortgage you'll require to build your own home. Money is released, in stages, during the building process and valuations are done at each stage you wish to receive your money.

Click For More Self-Build Mortgage Info...

Commercial Mortgage



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