Remortgage

Remortgaging essentially switches your existing mortgage for a new one. It is based on the value of your home, the amount of equity you have, your credit score and the amount you wish to borrow.

A remortgage can help you pay off your debt by:

  • Unlocking home equity to help pay your debt
  • Switching to a cheaper mortgage could help you save money each month
  • These savings can then be used as debt repayment

It is important to consider if you have enough equity in your property before considering remortgaging.  

Your current deal may also not allow you to remortgage or permit additional lending. In this case, you may have to switch mortgage lenders and providers entirely.  

But why choose a remortgage?

Reduces monthly outgoings

Remortgaging lowers your monthly mortgage repayments, freeing up more disposable income for managing debt.

Lower interest rate

Remortgaging secures a new mortgage deal with a lower interest rate.

Simple monthly repayments

Debts are consolidated into your mortgage, simplifying your finances by combining multiple payments into one.

Remortgage considerations

Advice

You should always seek independent mortgage advice before pursuing this solution.

Failure

If you to keep up with your monthly repayments, the lender could take legal action against you which could result in your home being repossessed.

Fees

There can be significant fees associated with remortgaging such as valuations, product fees, legal costs and broker fees.

Debt Help UK

  • After receiving our help, a typical customer's debt would benefit from the below.
  • Lower monthly payment
  • Stop Interest & Charges
  • Only 1 monthly payment
  • Stop creditors taking legal action
Let us help you