Consolidate your debts into one payment and have peace of mind!
Debt consolidation allows you move all or some of your debts into one loan. You will only have to make one payment per month with one interest rate charged. You could also improve your credit rating. If you have a bad credit history, this also shows creditors that you are taking responsibility for your finances.
- Stress and hassle free
- Let us do the hard work for you
- Secured or unsecured debts consolidated
- Refinance up to 90% of the property value
Can you get a debt consolidation mortgage with bad credit?
Where possible, we help customers do just that. Our customers 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
Debt Consolidation FAQ
Debt consolidation is the process of moving all or a portion of your debt into one consolidated loan. The consolidation loan is then used to clear your existing debt with the other lenders, allowing you to close those accounts.
Streamlining your debt can significantly help to manage your money as you will only have to make one payment each month to one loan provider. Each of your individual loans will also have varying interest rates depending on what types of loan they are. With your debt all in one place you will only have one interest rate to keep track of – which can often be less than what you were paying individually for each loan – potentially lowering your monthly repayments.
Managing your finances by consolidating your loans can also help to improve your credit rating. If you have a bad credit history, this shows creditors that you are taking responsibility for your finances.
Here we have put together a list of the main benefits of a debt consolidation loan.
Consolidated loans can either be secured, where an asset – such as your home – is used as security if there are any missed payments, or unsecured, where the lender has no claim to your financial assets if you miss any payments, but can instead take you to court.
In many cases, secured loans allow you to borrow more money with a lower interest rate. You also have a better chance of being approved for a secured loan if you have a low credit rating, but you do have the risk of losing your home if you miss payments. Unsecured loans don’t have these risks but also don’t let you borrow as much and have high-interest amounts.
Remortgaging your home is also another consolidation option that you could consider.
Although consolidating your debt might seem like a good idea, it might not be the best option for you. Before considering whether to take out this type of loan, you should make a list of all your current debt and see if it’s more cost effective for you to consolidate it or if the combined interest rate would make this more expensive for you. You should also see if there are any redemption fees if you choose to repay your loan earlier than you originally agreed.
For free initial advice from our qualified mortgage brokers about a Debt Consolidation Mortgage, call 0800 197 0504 or click below to request a callback at a time to suit you.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR LOAN SECURED ON IT
Case Study
Mr C had been in an IVA, which he’d now completed, and Mrs C 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.
| Balance | Payment | Rate | Term | |
|---|---|---|---|---|
| Previous Mortgage | £61,000 | £490 | 1.25% | 12 Years |
| Previous Secured Loan | £43,000 | £436 | 10% | 12 Years |
| Previous Unsecured debts | £44,320 | £657 | Various | Various |
| New Mortgage | £150,00 | £1097.67 | 2.10% | 13 Years |
Previous Mortgage
| Balance | £61,000 |
| Payment | £490 |
| Rate | 1.25% |
| Term | 12 Years |
Previous Secured Loan
| Balance | £43,000 |
| Payment | £436 |
| Rate | 10% |
| Term | 12 Years |
Previous Unsecured Debts
| Balance | £44,320 |
| Payment | £657 |
| Rate | Various |
| Term | 13 Years |
New Mortgage
| Balance | £150,000 |
| Payment | £1097.67 |
| Rate | 2.10% |
| Term | 13 Years |
No obligation advice on debt consolidation mortgages
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6 Great reasons to choose Clever Mortgages
Specialists in bad credit
Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.
Over 100 lenders
The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.
Experts in bad credit
As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.
Access To Exclusive Rates
We have access to every adverse friendly lender, we can often secure you exclusive rates you can’t find on the high street.
First class support
We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.
Excellent Reviews
We’re proud of our long-standing 5 Star Rating on Trustpilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.
Why use a mortgage broker?
Most of our customers have had some form of credit difficulties, from low credit score, missed payments or declined a mortgage elsewhere.
- Valuable knowledge, through years of experience helping customers
- Bad credit / poor credit experts
- Find the right mortgage first time
- Some mortgages are only available through a broker
- Help with the application process
- Advice on all options available, such as help to buy, guarantor or shared ownership
- Read more on what a mortgage broker does for you
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
What should I do next?
- You enquire online with us today or request a call back
Our simple form takes a couple of minutes to fill in, this gets the ball rolling
- One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money
- We do all the hard work for you
We search the market for the trusted lender that’s right for you
- Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Helen Warren
Helen is one of our specialist front line staff on hand to answer your questions
Call us on: 0800 197 0504
Below are some of the lenders we work with
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR LOAN SECURED ON IT
