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Manage your money...

A remortgage could be a way for you to help manage your money more effectively.

If you are looking for a remortgage than the likelihood is that you have had a history of bad credit ranging from store and credit card debt to mortgage or rent arrears. Other reasons could include a spell of bankruptcy, an Individual Voluntary Arrangement (IRA), a County Court Judgement, or repossession of a previous property.

remortgage for debt

A remortgage could be the solution to your current debt problems by releasing money to consolidate debts – even if you have credit problems. But if you do take out a remortgage, it is a good time to start getting on top of your finances and begin to manage your money more effectively.

Make a fresh start with a remortgage

remortgages are becoming a common way to raise money to pay off existing debts. But once you have your remortgage, you need to prioritise your outgoings. Be aware of how much you need to pay back your remortgage, utility bills, and other monthly staples. If your bank statements go straight into the bin without being opened or examined property, it’s time to start investing more effort into managing your finances.

Clear debt with a remortgage

Of course the best way to clear debt is to avoid it altogether, but if you are looking for a remortgage, you’ll already know the stress and anxiety it can cause. Once you have your remortgage in place, here are a few guidelines to help you stay on top of your spending:

• Do your math - work out how much money you need for the essentials including your remortgage payments, bills, food, clothing and entertainment.
• Prioritise any existing debt so that you are paying off the debt with a higher interest rate first, or the debt with the most collateral damage attached to it (i.e. if you don’t pay back your mortgage, you could lose your home)
• If you can’t afford it, don’t buy it.
• Be vigilant with your money – it’s a good idea to draw out the budget you have to spend every week and put your credit cards and store cards away in a safe place.
• If you must use a credit card, to clear debt you should shop around for one with a low interest rate.
• Avoid store cards completely – they have a short interest-free period before hiking up the interest rates making it harder for you to clear debt

Consolidating your debts by remortgaging may mean you will pay more over the term of the mortgage than you otherise would
have.
The overall cost for comparison is 10.4% APR
The actual rate available will depend upon your
circumstances. Ask for a personalised illustration.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up
repayments on your mortgages.
For mortgage advice we charge a fee which is usually £250.

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	Have you... Had a ccj or dafault registered against you? Missed any loan or mortgage payments in the last year? Been declared bankrupt or been in an IVA?
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