It is possible to consolidate debt by remortgaging. Essentially, you remortgage your property with a lender to release equity and raise money. You then use this money to pay off unsecured debts.
Instead of multiple unsecured debts, you have a single monthly payment that you make to the lender. This payment is made up of a mortgage repayment and interest.
Debt consolidation can help you clear debts, save yourself stress and organise your finances. However, it’s important to note that you could end up paying more overall with a debt consolidation remortgage, than if you had continued to manage your unsecured debts, as the mortgage will be spread over a longer term – i.e. you would be paying interest for longer.
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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Think carefully before securing debt against your home. Your home may be repossessed if you do not keep up payments on your mortgage or any other loans secured on it.
CoG Financial is registered with the Data Protection Act 1998 registration No. ZB538567 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 1000627 is an authorised representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
COG Financial Limited registered in England and Wales. Company number: 14711447. Registered office address: Sovereign House 37 Middle Road, Park Gate, Southampton, England, SO31 7GH