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Mortgage Company UK Debt Consolidation Loan

One way to reduce your outgoings is to cut the cost of your borrowing. If you are a home owner, and have some equity in your property, you might be able to do this by re-mortgaging. By simply switching to a different mortgage provider, you may be able to obtain a lower rate of interest. You might also be able to replace expensive borrowing with a loan secured on your property at a much lower rate of interest. This may bring your monthly repayments down to a manageable level. Although re-mortgaging can be an attractive option, there are several points you need to bear in mind:

  1. Failing to keep up repayments on your mortgage means that your house could be repossessed. Unsecured borrowing doesn't carry this risk.
  2. Always check whether you will be charged an early repayment charge (or redemption penalty) if you change to another mortgage, and find out what fees (such as solicitor's and valuation fees) you will be charged, These costs may wipe out any benefit to getting a lower rate.
  3. You will only make a significant reduction in your outgoings if you change substantial high interest borrowings to a lower rate.
  4. Only re mortgage with a licensed mortgage provider.

For debt management uk advice, including consolidation debt home loan owner personal secured uk advice go to the links page for recommended agencies.