Debt Consolidation Loans
Debt consolidation loans help you to make your monthly debt repayments lighter. The main advantage of these loans is that you could lower your monthly repayments to less than the sum you are currently paying to all your creditors, even though you will probably be paying over a longer period. You could also reduce the stress you may be under from having a number of creditors.
You need to work out exactly how much you owe ask your creditors for a settlement figure.
ABOUT DEBT CONSOLIDATION LOANS
Debt consolidation loans - If you own your own home you can consider a secured loan. Because your home is used as security or collateral against the loan the lender is taking a fairly low risk in lending you money. When you use the equity in your home, you must make sure that you keep up with the repayments and settle the debt as agreed or you will be putting your home in danger of repossession.
Debt consolidation loans are repayable monthly and the sum paid includes an interest charge from the lending company. This is the Annual Percentage Rate, also referred to as the APR and differs from one lender to another. It is a good idea to keep in mind that the typical APR displayed by lenders and brokers is only a representation of the APR applicable. You will only know what APR you would be eligible for if you supply all relevant information to give lenders a true representation of your circumstances.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
