 |
||||
| 10 years providing independent mortgage advice on the Internet. | ||||
|
|
|
|
||
|
We aim to achieve a 30 minute response time during office hours |
  |
Mortgage Bestbuys |
||
  |
  |
|||
| Consolidating Loans | ||||
|
It is possible to transfer debts to your mortgage, as long as there is equity in the property and the lender feels that you can afford a bigger mortgage. The benefits to you are much lower payments because the debt is being repaid over a longer period and the overall interest rate is usually less. Before transferring a loan to your mortgage find out if there are any penalties for paying the loan off early. Many loans are charged in a way that interest is paid off before capital (typical of car loans). If you have paid all the interest and then transfer to your mortgage you're going to pay lots more interest all over again. You may have to accept this if it is essential that you reduce your monthly outgoings. Credit cards and store cards are amongst the most expensive forms of credit. See if you can transfer to a 0% interest card to defer paying any interest before you move it to a mortgage. If you are unable to get a better deal and cannot pay the balance off every month then moving it to your mortgage may be much cheaper option. Don't make the same mistake twice - if you struggle to pay off credit cards every month then cut them up. Transferring this debt to your mortgage may be a good one off solution but if you run the debts up again you may not be able transfer them a second time. As with all credit, do not fall behind with payments - the consequences of a poor credit rating will haunt you for 6 years! If you need any more information then we would be delighted to hear from you either by telephone (call us free on 0800 019 6624), email or through our enquiry forms. Thank you for looking.
|
||||
|
|
||||
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT