As briefly touched upon on our remortgage page, you may have the option to add some debts to your mortgage to help lower monthly costs and pay them off in more manageable chunks. However, this isn’t a magic solution and is something you need to sit down with us to discuss. Yes, you may well lower your monthly outgoings but you are going to pay interest on short-term debt for a much longer time. In most cases, you end up paying more on the debts by adding them to the mortgage than if you were to be by paying them off separately. At this point, we would run through the options with you and you may find that remortgaging alone onto a lower rate may help. If we decide that adding the debts is in your best interest, we are more than happy to help you do this. The overall recommendation here is to make sure you let us help you and run through all of the options for you. And remember, ultimately a mortgage is a loan secured against your property and therefore, you want to avoid making the mortgage bigger by borrowing more if you can avoid it, as you are putting your property (security) at risk. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
To put us in the strongest position to assess your situation, we would recommend you get a credit report. This isn’t a requirement, but it is the quickest and easiest way of you getting all your information in one place. Feel free to use
Check My File
and their free 30-day subscription, please also check their terms and condition.
Documents you might want to have to hand:
Income details (Payslips/tax returns) and a copy of a credit report (please click on the link below)