Debt Consolidation Remortgages

Debt Consolidation Remortgages

If you’ve got a mortgage and other debts too, consolidating them into a new mortgage product can be a great way of making a significant saving every month. Here we’ll cover:

  • How we helped our customer get a debt consolidation remortgage deal
  • Even with bad credit, you could get a remortgage plan that’d save you on
    repayments each month
  • Why it’s best to go through a mortgage broker when you’ve got bad credit

How we helped by finding a mortgage with bad credit:

With Clever Mortgages, Mr and Mrs C were able to:

  • Get a debt consolidation remortgage, even with a poor credit history
  • Secure a fixed rate of 2.10%
  • Save almost £500 each month on mortgage and debt repayments

 BalancePaymentRateTerm
Current Mortgage£61,000£4901.25%12 Years
Current Secured Loan£43,000£43610%12 Years
Unsecured debts£44,320£657VariousVarious
New Mortgage£150,00£1097.672.10%13 Years

Completed 17/06/2019

Mr H had been in an IVA, which he’d now completed, and Mrs H was currently in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.
At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £485 every month! This is making a real difference to their lives, and helping them get back on track, improving their credit score.

How we helped by finding a mortgage with bad credit:

With Clever Mortgages, Mr and Mrs C were able to:

  • Get a debt consolidation remortgage, even with a poor credit history
  • Secure a fixed rate of 2.10%
  • Save almost £500 each month on mortgage and debt repayments

Previous Mortgage

Balance £61,000
Payment £490
Rate 1.25%
Term 12 Years

Current Secured Loan

Balance £43,000
Payment £436
Rate 10%
Term 12 Years

Unsecured debts

Balance £44,320
Payment £657
Rate Various
Term Various

New Mortgage

Balance £150,00
Payment £1097.67
Rate 2.10%
Term 13 Years

Completed 17/06/2019

Mr H had been in an IVA, which he’d now completed, and Mrs H was currently in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.
At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £485 every month! This is making a real difference to their lives, and helping them get back on track, improving their credit score.

If you’ve got bad credit, we still might be able to help

If you or your partner have a history of bad credit, for instance if you’ve been in an IVA or DMP (Debt Management Plan), you might be concerned that you won’t be able to get a great deal.

We help customers, even when they have bad credit, to consolidate their debts, sometimes saving them hundreds of pounds every month.

Why use Clever Mortgages?

We know the best lenders and products to look to for each individual situation. We could give you the best chance of getting a great consolidation mortgage deal. We can help, even if you:

  • Want to consolidate all of your debts, and just make one monthly repayment
  • Need to find mortgage lenders that accept CCJs (County Court Judgments)
  • Want to find the best mortgage lenders for your bad credit situation

Enquire with us about getting a mortgage to consolidate your debts, and we could:

  • Search for the right deal for you, even if you’ve got a poor credit history – many of the customers we help have found themselves in a bad credit situation, and might have been on a Debt Management Plan or in an IVA.
  • Discuss with you the different options available – for instance, you might not have considered using a guarantor or applying for a joint mortgage, we can discuss what might give you the best chance of getting a mortgage on a better rate.
  • Make sure your application goes to the best lenders for you – not all lenders offer mortgages to people with a bad credit history, but we know which ones are most likely to say “yes”, and to give you a good rate when they do.

Why should I use a mortgage broker for my debt consolidation mortgage?

  • Some mortgages for people with bad credit are only available if you go through a mortgage broker – we know the mortgage lenders who accept defaults and other bad credit situations
  • You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
  • Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
  • They can take the hassle of application forms away – talking you through every step, and asking all the right questions

Debt consolidation can be a good solution for some mortgage customers – however, it’s not suitable for everyone.

What next?

If you are looking for expert advice on getting a mortgage to consolidate your debts, contact our team today. We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.