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DEBT CONSOLIDATION MORTGAGE COMPARISON
UK DEBT CONSOLIDATION BROKER
HELP & ADVICE
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The total of personal debt in the UK is now almost £1.2 trillion !!!
It is estimated that £1 million is being added to that debt total every 4 minutes!!! Consider this & the extent to which personal debt is becoming a problem in the UK & you can see we have a increasing issue
In April 2006 the total of the nation's credit card debt stood at £56 billion. Average household in the UK is in debt by £7k excluding mortgages, and £48k including mortgages. Research suggests that 40% Brits overspend on their debit cards on day-to-day purchases.
40% of the British population are stressed about their Finances
With levels of debt among the biggest concerns, this stress can prey on peoples health which cannot be a good thing for you or the NHS!. It is against this background that a debt consolidation mortgage comparison is being made as a way to take control of growing debts and solve financial difficulties.
And with more & more offers of debt consolidation loans and programmes advertised on the TV, Radio & Newspapers and dropping through letterboxes every day, many people are rushing into deals, hoping to ease the burden of a growing list of bills. So lets look at your options if this is your choice.
Reducing your monthly outgoings is your priority
Lets say you owe £18,000
- 5 unsecured credit, charge & store cards
- Total Debt £3,000 on each card against a limit of £5,000 per card
- Costing you £500 in payments as you try to pay more than the minimum off
- You are aware that the interest rates on these cards are as high as 29%.
Many people are now faced with this choice of how best to reduce their monthly outgoings before things get out of hand. So do you go for with a Debt Consolidation Mortgage Comparison; a Debt Consolidation Remortgage or a Home Owner Loan?
Sometimes it may be easier to combine these monthly outgoings into one single monthly payment at a lower interest rate. Lets look at the generic issues & reasons.
Generic Issues re: Debt Consolidation Mortgage Comparison
- Too many monthly outgoings where 1 single payment will help your cashflow
- High interest rates on existing credit is becoming unmanageable
- Small or no Mortgage penalties to exit your existing Mortgage Lender deal
- You prefer dealing with one Lender & do not wish to have 2 charges on your property
- Your existing Mortgage rate is uncompetitive so you may wish to Remortgage
- Your existing credit profile is now poor & you may need a bad credit remortgage
- Declined a Remortgage or Loan by Mortgage Lender - so need to remortgage away
- Mortgage arrears currently & existing lender will not advance further funds
Also do not forget...
- Debts will take longer to repay if you extend the term of a new Remortgage
- You will need to increase your Protection cover to protect the new borrowing
- Do not forget if you borrow the money to actually repay your debts not spend it all !
- You also may wish to tear up your Credit & Store Cards !!
Our service is to introduce you to Mortgage Brokers who search the Finance marketplace to get you the best deals
Contact a Professional Broker for help - Debt Consolidation Mortgage Comparison
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