What may happen with debts on re-mortgage

Can I repay other debts I have on re-mortgage?

December spending can hurt the pocket so naturally, in January, lots of people look into their finances to see where they could save up and also how to manage their expenditures better.

We have lots of enquiries about a debt consolidating re-mortgage so we thought it might be useful to explain this way of refinancing your property.

If you have credit cards, store cards or personal loans, and your mortgage fixed deal is coming to an end, you may think you could re-mortgage and borrow more to repay all your other debts. Some customers think it is a smart way to get back on track with their spending and saving.

Why debt consolidate?

· Instead of multiple monthly payments you may only have one manageable and affordable payment

· you might save on interest if you consolidate into one mortgage payment

· when you no longer pay high interest rate you may actually start saving and building emergency budget plan

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service. (https://www.moneyadviceservice.org.uk/…/tools/debt-advice-l… )

Whatever plans you have for your home finance, always speak to a mortgage adviser who will be able to calculate all associated costs and advise on the right outcome

GRN Financial Services Limited is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority

Our fees and charges vary depending on the Services we provide to you. We typically charge a fee of ￡350.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE