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