Consolidating 2 mortgages
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You can spread your payments over a longer period of time, thereby reducing the size of each individual payment.
The interest rate on a debt consolidation loan can also be lower than those of your current debts.
, it may assess affordability on the basis of payment of interest only over the term (plus repayment of such capital as may be due to be repaid over the term).
If it does so, it must consider as part of the customer's committed expenditure under (or the equivalent alternative provision for transactions with high net worth mortgage customers or solely for business purposes) the cost to the customer of the repayment strategy (unless the mortgage is a retirement interest-only mortgage)7.
By taking out a debt consolidation loan with one of our panel of lenders, you will also have the chance to improve your credit rating if you pay it off without acquiring any more debt.
Our aim is to make the whole process of becoming debt free as simple and as painless as possible for you, and the first step is offering you a free debt consolidation comparison service. Once you've found a suitable loan, all that remains to be done is to sign up, consolidate all of your existing debts, and they pay them off with one simple, manageable monthly payment.
No longer will you have to worry about paying off several debts at once, each with a different lender and a different interest rate, with a debt consolidation loan, all of your debt is in one place.
It is possible for monthly payments to be reduced by taking out a debt consolidation loan.
A debt consolidation loan could be used to pay off your existing credit cards, store cards and other personal loans.
You could consolidate all your debt into the one loan and only have one payment to make each month. In particular, extending the term of your debt can incur more interest and cost more in the long run, and sometimes an early repayment charge may apply.