There are a number of ways that you can consolidate your multiple existing debts. An option for you to consider is consolidating your debt by refinancing your home loan.

Why refinance?

Consolidating debt by refinancing your home loan has multiple benefits, depending on your circumstances. Some reasons that you may look to do this include:

  • It could help you manage a range of other short-term debt solutions that usually attract a higher interest rate. This could include existing Credit Card, Store Card or Personal Loan debts.
  • The ease of managing a single loan gives you a regular repayment amount
  • Unlocking equity at a lower rate could be a smarter way to fund renovations on your existing property

What's it going to cost me?

Before you decide that refinancing your home loan is the best way for you to consolidate your debts, you need to consider a number of costs that could arise during this process.

Depending on your situation, refinancing can attract a range of fees and other charges, including:

  • Lender fees – This includes exit fees for your existing loan, establishment fees for your new loan, and any other applicable lender fees and charges
  • The overall costs of the debts you wish to consolidate and whether extending the term is suitable for you.
  • You should factor in all of these costs when calculating whether refinancing works for you.

The Mortgage and Insurance Professionals Mortgage Broker can discuss your personal circumstances and help you identify the costs of refinancing your home loan. There's no obligation when meeting with the Mortgage and Insurance Professionals Mortgage Broker and their initial consultation is free.

What are the steps to refinancing?

So how do you get started with refinancing? the Mortgage and Insurance Professioanls expert Mortgage Brokers will help you evaluate your personal situation.

There is a range of information available, both within Mortgage and Insurance Professioanls website and offline, which can help you if you're looking to refinance. This includes tables that compare rates and products from different lenders and a range of calculators to help determine your borrowing power and repayment amounts, including Mortgage and Insurance Professioanls own Mortgage Calculator.

When you are ready to apply, or even if you have more questions before taking the next step, you should speak to an accredited Mortgage Broker.

Mortgage and Insurance Professionals expert Mortgage Brokers will help you evaluate your personal situation, compare the features of hundreds of loans from up to 66 different lenders, and even help with all of the paperwork and other parts of the refinancing process.

Expert Home Loan advice just a phone call away.

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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.

Mortgage and Insurance Professionals is a trading style of Mortgage Compare Limited which is authorised and regulated by the Financial Conduct Authority.
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Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.
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