Secured Debt Consolidation
Juggling several payments from multiple loans and credit cards can be a lot of work, and in some cases may end up costing you more overall.
Securing these debts against your property might be the right option for you. By combining your debts into one secured consolidation loan, you can easily track your single monthly payment – and in some cases save money.
Clever Mortgages specialise in helping customers in debt find the ideal solution for them. Some of these deals aren’t even available directly to the public.
We help customers with multiple debts obtain the best secured debt consolidation loans available for them. We know the lenders that will say, YES
Consolidate debt with Clever Mortgages and we could:
Find the right loan for your individual situation; even if you are self-employed
Have your benefits considered
Find a suitable way to consolidate; even if you have a bad credit history
Even if you’re in a current fixed rate, we could still get you on a better deal:
Our customers, Mr and Mrs B saved almost £500 every month. With Clever Mortgages, they were able to:
- Get a debt consolidation remortgage, even with a poor credit history
- Get out of their current lifetime tracker mortgage and onto a better deal
- Secure a fixed rate of 2.10%
- Save almost £500 each month on mortgage and debt repayments
- Get on the right track to rebuilding their credit score
|Current Mortgage||£61,000||£490||1.25%||12 Years|
|Current Secured Loan||£43,000||£436||10%||12 Years|
|New Mortgage||£150,00||£1097.67||2.10%||13 Years|
Completed June 2019
Mr B had been in an IVA, which he’d now completed, and Mrs B 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.
What should I do next?
We will have a brief chat about what you need
We will find the best option that suits your needs
What is a remortgage?A remortgage is when you take out another mortgage on your home to replace your current mortgage, or to borrow extra money against your property. Even if you’re currently in a fixed rate agreement, we might still be able to help. You’ll need to check the terms of your contract though, to make sure you aren’t charged any early exit fees. You would remortgage a property to either raise or save money:
- Raise money You can raise money by releasing equity in your home and taking out a new mortgage that is larger than your existing one. You could do this to consolidate debts, make home improvements, or fund something else in your life.
- Save money You could save money by remortgaging and switching to a cheaper mortgage provider – making your monthly payments smaller each month. As your mortgage is likely to be your largest debt, it makes sense that improving on it can also give you the largest saving – a saving that can add up to thousands of pounds each year depending on your circumstances.
What is a secured loan?
This is where an asset – usually a house – is used as equity against the loan. Often secured loans are of interest to people with a less than perfect credit rating, as they can sometimes find it hard to access finance without providing this extra level of security to the lender.
- They’re available for much larger amounts than personal loans, which generally only go up to about £25,000
- You could use this larger amount to consolidate all of your loans, mail orders, and credit cards into one
- If you have a bad credit history, you may find that you have no choice but to opt for a secured rather than a personal loan. We have access to secured loans for people with bad credit, through Clever Lending
- The repayment periods on secured loans can be longer, while the fixed monthly payments should make it easy to manage your repayment plan
What you should consider before consolidating your debt
Debt consolidation is a good solution for some mortgage customers – however, it’s not suitable for everyone. You should always review the total amount payable through consolidation, not just the immediate savings in terms of a reduced monthly payment.
Please be aware that any unsecured debts consolidated within the mortgage, would then be secured against your property.
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.
Not every case is the same
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
The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.
Offering the best support
We know that buying, moving house or remortgaging can be 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.
We’re proud of our long-standing 5 Star Rating on Trust Pilot, 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.