Refinancing and Debt Consolidation

Because circumstances are always changing there are times when you may wish to refinance your mortgage or do some debt consolidation.

Refinancing Your Mortgage

There are many reasons people want to refinance their mortgage, but often they are reluctant to do so because they believe that it is too hard or because they believe there is a loyalty to the bank. Some of the reasons for wanting to change banks include;

• The bank does not value me as a customer

• The bank is not offering me a good deal – interest rates and fees are too high

• The bank will not provide me with what I want

• I have no relationship with any staff there

These may all be valid reasons for wanting to refinance your mortgage and change banks, but it is important to discuss these with your mortgage adviser first to ensure that the bank that you refinance to will be able to offer you what you want. It is also important to ensure that you get the right loan structures in place which will suit your individual situation. Finally, when you make changes to your finances it is a good opportunity to review your insurances and ensure that you have the best Protection Cover possible in place.

Debt Consolidation It is easy to get burdened down with short-term and often expensive debt. Hire purchase, personal loans, overdrafts, credit cards and store cards are very easy to apply for but are typically a very expensive way to fund a purchase and they are also often required to be paid off over a short term meaning the weekly repayments can be quite high. Often these short-term debts put you under financial pressure when personal circumstances change or when things don’t work out as planned. Debt consolidation is the process of refinancing or consolidating all of your debts into a single loan. This often makes sense as it is easier to manage a single debt consolidation loan; however before making the decision to consolidate your debt you should have a mortgage adviser help you assess all of your options and ensure that you are getting the best deal.

Make life easier by having one of our team of advisers provide you with the options and solutions specifically for you and your situation. Refinancing or arranging some debt consolidation can be major financial decision.  Making the right decisions is extremely important and getting professional advice from your mortgage adviser could save you valuable time and money. You may be pleasantly surprised at the options you have.