We’ve helped 1000s of customers, and still counting!

We’ve made it our mission to help as many people as possible find their perfect mortgage, specialising in helping people with a bad credit history or previous credit issues – we think everyone deserves a chance to remortgage or own their dream home!

Difference between going direct to a lender and seeking the advice of a mortgage broker:

Going direct to a lender: This means you go directly to a lender to seek a mortgage, such as a bank or building society. They’ll probably have a range of products and eligibility checks will decide what products and deals you could access; however, you’re limited to what that lender has to offer.

Using a mortgage broker:

A mortgage broker is fully trained and versed in finding the best deal on the market, our brokers, for example, are all experts in bad credit mortgages and work with over 100 lenders. This means they have access to a huge variety of products that you could be eligible for, as each lender will have different approval criteria- and sometimes brokers can even find deals not advertised openly on the market. Your broker will make it clear which lenders are likely to accept your application and can help you prepare so you have the best chances of approval.

Our expert brokers come with a wealth of experience and work with over 100 lenders who consider all applications, even with a bad credit history.

We could help you secure a…

First-time buyer mortgage:
As a first-time buyer, buying your first home is a really exciting time – but it’s a daunting one too. At Clever Mortgages we’re here to help. Your dedicated adviser will talk you through every step, to make sure that you get the right mortgage to match your specific needs.

Remortgage:
There are many reasons to consider remortgaging, whether to save money on monthly repayments, get on a fixed rate to help you budget, consolidate debt or raise cash tied up in equity for improvements(link to home improvements blog)– whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

Debt Consolidation mortgage:
A debt consolidation remortgage can help you combine all or some of your debt into one consolidated loan, allowing you to close multiple accounts you may have and only deal with one monthly repayment. You can use a debt consolidation mortgage to consolidate both secured and unsecured debt, and could help you save money on several costly interest rates. Our specialist advisors could help you find the right debt consolidation mortgage for your financial situation, even with bad credit.

Secured loan, or a homeowners loan:
A secured loan allows you to take out a second mortgage on your property while keeping your primary mortgage intact. If you’re struggling to find a remortgage, or if you just want to keep your current mortgage while accessing cash tied up in your home, a secured loan could be the solution for you.

Help-to-Buy mortgages:
The Help-to-Buy scheme means you only need to put down 5% of a home’s value for a deposit. The Government will then boost this amount with an equity loan of up to 20% (40% in London). At Clever Mortgages we work with many lenders who could offer you a Help-to-Buy mortgage whether you’re a first-time buyer or purchasing a new home.

Shared-ownership mortgages:
Whether you’re a first-time buyer or home mover, we could help you buy a share of between 25-75% of a property and then pay rent on the remaining share. Sometimes it’s hard to save up a full deposit, a shared ownership mortgage could help you move into your dream home!

Right-to-Buy mortgages:
Right-to-Buy allows tenants of council properties, and some housing associations, the legal right to buy, at a large discount, the council house they are living in. If you’re a council tenant, we could help you to buy the property at a significant discount through the Right-to-Buy scheme.

Buy-to-Let mortgages
Having a buy to let property could be an investment for yourself or your family.  You may benefit from additional monthly income and capital gains in the value. Our expert brokers can help you purchase or refinance a buy-to-let, even with bad credit.

Self-build mortgage
If you’re planning on building a property you might want to consider a self-build mortgage. Whether you have built several properties before or if you’re planning your first self-build, we could help secure a mortgage that’s right for you.

Second-home mortgage
If you already own a home but are looking to purchase a second property, we could help find the right mortgage for you. With a second mortgage application, there could be more challenges to overcome than with your first mortgage, but Clever Mortgages can support you through the process so you can successfully buy your second home.

Professional mortgage:
Some careers can make it harder to find a mortgage. Perhaps you’re self-employed, or work in contract-based roles, maybe you’re a company director – we can help guide you and our expert brokers can help you find the best mortgage to suit you.

Our advisors and brokers are all fully trained in bad credit situations and work with over 100 lenders, covering almost all financial situations and giving us the ability to help people who might be struggling to find a mortgage elsewhere. We understand that bad credit can happen to anyone, for a variety of reasons but believe everyone deserves a chance to own their dream home and find a mortgage to get back on track.

We could help you get your perfect mortgage, even if you’ve experienced:

Here’s how we helped one couple save £485 a month

Debt consolidation remortgage, even with bad credit Secured a 5 year fixed rate of 2.10%
Consolidated to one monthly payment Credit score repairing

At Clever Mortgages we don’t believe that people should suffer due to a bad credit history. Mr H had been in an IVA and Mrs H was 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.

Mr and Mrs H were paying £1,582 and are now paying £1,097 per month.  Clever Mortgages we were pleased to be able to help them make a real difference to their lives, which is also helping them to improve their credit score.

 BalancePaymentRateProductTerm
Previous Mortgage£61,000£4901.25%Tracker12 Years
Previous Secured Loan £43,000£43610%Standard Variable Rate12 Years
Previous Unsecured debts£44,320£657VariousVariousVarious
New Mortgage£150,00£10972.10%5 Year Fixed13 Years

Previous Mortgage

Balance£61,000
Payment£490
Rate1.25%
Term12 Years

Previous Secured Loan

Balance£43,000
Payment£436
Rate10%
Term12 Years

Previous Unsecured Debts

Balance£44,320
Payment£657
RateVarious
Term13 Years

New Mortgage

Balance£150,000
Payment£1097.67
Rate2.10%
Term13 Years
Shared Ownership mortgage

How debt consolidation can deliver real benefits for your future

Debt consolidation is a way of refinancing current debts into one, more manageable, loan to suit your monthly budget and future goals.

There are many forms of debt that can build up over time, including loans, credit cards, store cards, unsecured loans and even second charge mortgages. You can find yourself in a situation where there are many payments going out each month on different days and it can be difficult and time-consuming keeping track of them all.

It’s important to review the cost of these and to check if they fit your plans for the future in terms of affordability, lifestyle goals and when you want the repayments to end.  If debt builds up and you don’t keep an eye on your payments then your credit score will be affected if you miss or make a late one. This could then make it more difficult to get access to financial products and services in the future.

The benefits of debt consolidation

Consolidating your debt can make a real improvement to your finances in the longer term including:

  • All of the debt, or a large chunk of it, in one place
  • One monthly payment so it’s easier to manage
  • The option of fixing the rate so costs don’t spiral
  • Improve your credit rating over time
  • Access to better financial products in the future

How we helped an older couple to consolidate their debt

We recently helped a customer whose mortgage was in joint names with his ex-wife, so he wanted to remove her name off the mortgage and consolidate a secured loan they had.

When reviewing his finances, he realised his mortgage and secured loan wouldn’t be paid off until he reached the age of 73. However, one of his life goals was to retire at 65 and he wanted the end of his major financial commitments to tie in with this.

When we reviewed the case we noticed the mortgage and secured loan could be paid off and a new mortgage was taken out for a shorter term. We found a five-year fixed rate mortgage at a very competitive rate keeping the monthly payments in line with client’s ideal budget.

We were also able to shorten the term by nine years meaning it will be paid off when the client is 64 – in line with his future plans. A shorter term also means saving on interest charges and as it was a fixed rate, outgoings will stay the same for five years giving certainty and peace of mind.

Sourcing the most suitable debt consolidation products

With interest rates staying low, now is a good time to get some very good rates when you come to reorganise your finances. There are also many fixed rate products available at competitive rates, which could keep the monthly outgoings at the same cost each month. This would help to make sure you know how much is going out each month, when and how long for. Typically fixed rate solutions are for between two and five years so there is a choice depending on your circumstances.

How Clever Mortgages can help

At Clever Mortgages, we treat our customers as individuals and we know everyone has their own set of circumstances. Our expert team will take these into account when looking to find a positive outcome for you.

We will take the time to fully understand your requirements and work on your behalf to look at all possible options to find the most appropriate solution for your current circumstances and future financial journey.

For every customer, our aim is to find a debt consolidation solution that suits your plans, and one that you can afford now and in the future, so make sure to talk to one of our friendly team today.

Debt Consolidation Loan

How a debt consolidation loan could reduce your monthly payments

If you have lots of payments to make every month and are struggling to afford them, then debt consolidation could be for you.

It’s easily done, for example you pay for some shopping on one credit card, put the payment for your car’s MOT on another, and before you know it your monthly repayments have spiralled out of control.

If this sounds familiar and you’d like to get back on track with your finances, it could be worth looking into debt consolidation.

Used right, it can help you restart your financial life.

What is debt consolidation?

Debts have a sneaky habit of snowballing when you’re not looking.

On top of that, you have to pay, sometimes, hefty sums to multiple creditors each month to cover these debts.

To make matters worse, your credit score could have been affected if you have:

For new lenders, these are warning ‘red flags’ and not all will be happy to accept an application from you. This can cost you time and effort when looking to consolidate debts.

Debt consolidation, in theory, gives you the ability to unite all your debts into one affordable and manageable debt.

It gives you an opportunity to ‘reset’ your debt – and control your monthly outgoings.

At Clever Mortgages, we’ve already helped 1000s of customers who have bad credit. We work with lots of lenders who can provide first or second charge mortgages for people to consolidate their debts even if they have a less than perfect credit score.

Types of debt consolidation

There are two ways you can look at consolidating your debt:

    1. Secured

By securing you debts against something you own. If you’re a homeowner this would be via a first or second charge mortgage.

    1. Unsecured

Unsecured loans are simply ones in which you borrow money and agree to a fixed repayment plan, but don’t secure the loan against any kind of property. A standard bank loan, for example, would be classed as an unsecured loan.

How debt consolidation can help to reduce your monthly payments

Debt consolidation can be effective in long-term debt management. The real purpose here is to move your debt to one lender with one affordable payment at a better interest rate.

  • You can pay an affordable payment, which could be for a longer period. However, you’ll know you are keeping up to date with the payments and not impacting your credit rating.
  • We’ll also help you find a lender with the lowest rate available for your circumstances, potentially enabling you to reduce the interest rates you pay on your existing debts. Additionally, you won’t be dragged down by several interest rates for each debt.
  • By keeping up with your new repayments, you could start to improve your credit score. A higher credit score could open up more options in the future.
  • With debt consolidation, you can easily track your finances with one affordable monthly payment.

Looking at the big picture, you could use debt consolidation to become debt-free as your existing credit cards and loans will have been cleared once your new mortgage is paid off.

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 your mortgage, would then be secured against your property.

Your home may be repossessed if you do not keep up repayments on your mortgage.

How Clever Mortgages can help

At Clever Mortgages, we’ll help you find the best debt consolidation solution based on your circumstances.

Our team of experts will match you with the right lender for your situation. We’ll help you find the best option for you by sitting down together and calculating:

  • The grand total of all your debts to determine how much you need to consolidate them.
  • How much you need to pay each month for household bills, entertainment, and emergency fund.

We guarantee that your experience will be very different from the lenders who may have rejected you in the past.

We’re here to help, so get in touch now to find out how we can help you get your finances back under control!

Speak to a broker

Alison Tetlow

Alison is a specialist mortgage broker who has been working for Clever Mortgages for 7 years helping customers with bad credit and has over 25 years experience within the mortgage and housing market.

Call us on: 0800 197 0504

Debt Consolidation Mortgages

Getting a new mortgage to consolidate your debts can be a good way to get your finances back on track. In this guide we’ll cover:

  • How we helped a customer to save money every month with a debt consolidation mortgage – even with poor credit history!
  • A little about the remortgage process with us – it’s easier than you might think
  • How we could help you – including why it’s best to go through a mortgage broker

How we helped with a debt consolidation mortgages

With Clever Mortgages,  Mr C was able to:

Reduce his mortgage term Cut the interest rate  Save overall £124.42 per month.

 BalancePaymentRateProductTerm
Current Mortgage£75,263£635.922.29%2 Year Fixed Rate10 Years 9 Months
Current Secured Loan£48,169£637.598.68%Variable10 years 9 months
New Mortgage£123,435£1149.092.24%5 Year Fixed10 Years

Mr C had been with his lender for a fixed rate period, and knew he might be able to save money every month if he consolidated a secured loan he had,  with a new mortgage.

His current rate was at 2.29%, which is similar to the new mortgage, but the key was to incorporate in the secured loan which was on a much more costly rate. We were also able to reduce the term by 9 months and saved £124.42 per month.

What are the benefits of remortgaging for debt consolidation?

A remortgage is when you take out another mortgage on your home to  replace your current mortgage– and we can help you with this, taking all the hassle away from the remortgaging process.

It’s sometimes possible to secure a lower rate, giving you the opportunity to consolidate your debts, whilst saving yourself money every month. Debt consolidation can be 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.

We’ve helped 1000s of customers to remortgage – and bring their monthly payments down.

Want to remortgage with bad credit?

Worried about bad credit? We work with customers every day who have bad credit but want to remortgage – and we always do what we can to help.

Remortgaging could be easier than you might think – especially when you choose a broker who knows how to get you with the right lender to save you money.

Enquire with us about a remortgage with us, and we could:

A debt consolidation mortgage can help you save money every month – we recently helped Mr C who was nearing the end of his fixed rate deal, to consolidate his secured loan and mortgage into one monthly repayment reduce the mortgage term and save money.

Help get you back on track – being able to consolidate Mr C’s secured loan with a mortgage product meant only having to plan for one monthly payment instead of two, making the overall debt much easier to stay on top of.

Reduce the term of your mortgage – we can often help customers cut years off their mortgage – helping them to become mortgage free far sooner than they thought.

Why should I use a mortgage broker?

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

Some mortgages especially for people with bad credit are only available if you go through a mortgage broker

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

What next?

If you are looking for expert advice on remortgaging your property, contact our team today. We will be happy to help advise you on what you on your options.

We are experts in offering solutions to people with bad credit and can help you if you need a helping hand with your next move.

Get a call from a mortgage advisor at a time to suit you

A man looks at bills and a calculator as he considers a debt consolidation loan

The main benefits of a debt consolidation loan

If you’re currently dealing with multiple loans from different loan providers then consolidating this debt can be a good option. A debt consolidation loan allows you to combine all your existing debts to provide you with one monthly repayment. This loan is used to pay off your individual loans, leaving you with one large loan instead. Consolidation loans are usually ideal for people who have multiple repayments to make on different credit cards, loans and overdrafts.

Here are some of the main reasons why taking out a debt consolidation loan can be a good idea and some of the things you should be wary of:

One monthly payment

It’s likely that your current payments are required on different days each month. This can be difficult to manage and often quite stressful. By consolidating your debt you can streamline everything into one single source and make just one payment each month. Having one payment can make managing your loans much easier. One fixed monthly payment can also help you to more easily budget for other things.

Lower interest rate

Using a debt consolidation loan can also help you to save money on interest. This is especially the case if you have several credit cards with high interest rates. If the rate of borrowing on a consolidation loan is lower than your original debt then you could reduce the amount of interest you pay on a monthly basis.

Improve your credit score

If you’ve fallen behind on any of your existing loan repayments then it’s likely your credit score has suffered. Taking out a consolidation loan can help to improve your credit score. This is because it gives you an opportunity to demonstrate that you’re a responsible borrower.

Things you should be aware of:

Even though a consolidation loan may save you money on a monthly basis, depending on the rate and term, you could be increasing the total amount you pay back and the duration of the repayments.

Another thing you should avoid doing is borrowing more than you need to. A debt consolidation loan should be a tool to consolidate your debt, rather than create more.