Debt Consolidation – Overcoming Adverse Credit Situations.

By Chris Morgan | Published: 5th February 2019

How to Remortgage to pay off debt? By Chris Morgan

If you’re a homeowner remortgaging can, if the right mortgage is found, improve your situation. By releasing capital and paying off debts, you could re-structure your monthly costs.

A remortgage is when you replace your existing mortgage with a new one. It can mean changing products with your existing lender, or switching to another mortgage lender completely.

You should always get expert Independent Mortgage Advice, to make certain you’re making the right decisions. There are two main ways that remortgaging can improve your situation:

  • You can release Equity that’s in your property in a lump sum and use this to repay your other short term debts, like credit cards and bank loans.
  • It might reduce your monthly mortgage payment, freeing up money to repay your other debts, like credit cards and bank loans at a faster rate.

How remortgaging works – A mortgage lender will base your application on a number of things including:

  • Your credit file, if you have CCJ’s, defaults and arrears you will definitely need specialist independent mortgage advice.
  • The value of your house, via an independent valuers report
  • How much you want to borrow, being within the lenders re-mortgaging and capital raising criteria
  • The purpose of the Equity Release being suitable according to the lenders criteria
  • The amount you earn and your current outgoings. They will assess your Income and Affordability

If you’re currently in arrears with your mortgage or any other debts, your credit file will be effected and you will definitely need to seek specialist mortgage advice, as high street lenders are unlikely to be able to assist.

If you’re currently on a mortgage deal that hasn’t ended, for example a fixed term for three years, there’ll probably be an early redemption fee to pay if you remortgage, so an Independent Mortgage Adviser will need to check if this is good advice for you overall.

In principal it is a very good idea to look at consolidating debt, especially in light of any potential economic uncertainty. If you are looking to re-structure your finances or need to raise capital for any purpose then give Unusual Mortgages a call to check if you could improve your situation.

15 Minute Mortgage Assessment –Unusual Mortgages offer a 15 minute free mortgage assessment over the phone to assess your ability to raise capital. We will assess your options across 70 lenders on our research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from one the most experienced mortgage brokers in the United Kingdom.

If you require more information on Equity Release, Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.ukEdit

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  • About Us

    Unusual Mortgages are Independent Mortgage Advisers who specialise in arranging Complex Mortgages. Our lead financial adviser Chris Morgan has 30 years of experience in Banking, Finance and Mortgage Advice.

    He is a former Financial Adviser of the Year, Barclays Young Business Person of the Year and finalist in the FT Adviser Mortgage Adviser of the Year contest. He has also won a host of other community and industry awards for his consumer facing work within the finance industry.

    Chris has recently been shortlisted at The European Diversity Awards for Barclays Campaigner of Year. This is for his work as a Diversity Leader within the UK Financial Services Industry.

  • Complex Mortgage Service

    Unusual Mortgages offers highly experienced and expert advice, from an industry leading financial adviser in return for reasonable fixed arrangement fees. On a number of occasions we have met clients who were quoted elsewhere, broker arrangement fees of between 1% and 1.5% of the mortgage, which can equate to literally thousands of pounds of extra fees.

    We have developed a business model and professional advice process that allows us to offer Independent Mortgage Advice at highly competitive fixed broker fees. which are extremely low in comparison to other fee based brokers.

    Unusual Mortgages have recently saved one particular client literally thousands of pounds in arrangement fees and total interest payable over the term of his loan.

    These are the main “Complex Mortgage” areas which we can offer our advice in return for Set Fees.

    Adverse Credit Mortgages, Buy to Let Mortgages, Complex Mortgages, Contractor Mortgages, Debt Consolidation, Development Finance, Downward Trend Income, Expatriate Mortgages, Landlord Mortgages, Let to Buy Mortgages, Mortgage Term Ending, Multiple Mortgages, Mortgage Rejected, Professional Mortgages, Re Mortgages, Returning to the UK, Right To Buy, Second Home Finance, Self Employed Mortgages.

    We are especially experienced at assisting people to find mortgages with Arrears, Adverse Credit, Bankruptcy Defaults, County Court Judgement's (CCJ's) and Late Payments on their Credit Record.

    *PLEASE NOTE

    Authorised and regulated by The Financial Conduct Authority. Please note most Buy to Let mortgages are not regulated by The Financial Conduct Authority. Fees will apply for mortgage advice. We charge a set fee of between £795 and £995 payable on application, dependent on the amount of work involved, the type of mortgage you are applying for and any commission we receive from the lender on completion of your mortgage. Please contact us for a specific quotation.

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