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Debt Consolidation Remortgage

  • Remortgage to 90%
  • Unlimited Consolidation
  • Guarantors Considered
  • Pension Income Considered
  • No Maximum Age
  • No Credit Scoring
  • Residential & Buy to Let Debt
         Consolidation
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Debt Consolidation Remortgage

There are certain situations where some of our clients have a number of debts, in addition to their existing mortgage such as loans, credit card balances and hire purchase agreements. In addition to their regular monthly mortgage payments, clients with additional debts make other monthly payments to cover the cost of repaying their outstanding debts.

We are typically asked if it is possible to have a single monthly payment for all debts, by increasing the amount of a client’s mortgage to raise funds to repay the debts. This is often called “Debt Consolidation” or “Debt Consolidation Remortgage”.

As an example, a client with the following debts wishes to have a single monthly payment:

  • A mortgage* with a balance of £100,000 and monthly payments of £448 over 25 years
  • A credit card with a balance of £5,000 and monthly minimum payments of £150
  • A personal loan with a balance of £10,000 and monthly payments of £350 over 7 years
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They are currently paying a total of £950 per month to cover all of their debts.

We could look to increase their current mortgage from £100,000 to £115,000, to raise an additional £15,000 to repay both the credit card balance and personal loan. The new monthly mortgage* payment would be £515. This reduces the total monthly payments for their debts substantially by £433 and means there is only one payment per month rather than three.

There are a couple of drawbacks to this approach however:

• The credit card and personal loan are “unsecured debts” which means that the lenders cannot repossess your property if you fail to keep up payments. By adding these debts to the mortgage they become “secured” which means the mortgage lender can choose to repossess your home if you do not keep up payments on the mortgage
• The length of the personal loan in the above example is 7 years. The length of the mortgage is 25 years. This may mean that although the monthly payments are less, the total interest payable over 25 years is much larger than the interest that would have been paid on the personal loan over 7 years.

Clients who often approach us looking for a debt consolidation remortgage typically state they are frustrated that, although it makes sense for them to reduce their total monthly payments by consolidating debt, they are struggling to arrange this because:

  • The lenders they have approached don’t permit debt consolidation or restrict the amount of debt that can be consolidated
  • They have failed credit scoring with the lenders they have approached
  • The debts to be consolidated are not deemed “Standard” and the lenders they have approached will not permit them to be consolidated – such as paying back family and friends, tax bills and debts related to their business
  • The lenders they have approached may have said there is not enough equity in the property
  • They wish to consolidate debts onto a buy to let mortgage

We appreciate that in today’s day and age, everyone’s situation is unique and no one case is ever the same. That is why we take a look at the whole background and circumstances and assess each case on its own merits.

If you wish us to take a look at a debt consolidation remortgage for you, why not get in touch either by completing the enquiry form or for an immediate response calling on us on our enquiry line.

*mortgage payments calculated over 25 years on a capital and interest basis with an interest rate of 2.49% and APRC of 4.3%

 

Best Deals – Remortgage

Lender Initial Rate Type For Then APRC* ERC* Fee
BFU 0.79% Discount 2 years 5.64 4.9 2 years £1493
BFU 0.89% Discount 2 years 5.64 4.9 2 years £1493
BFU 0.99% Discount 2 years 5.64 4.9 2 years £1493
BFU 1.09% Discount 2 years 5.64 4.9 2 years £1493
BMO 1.19% Discount 2 years 4.99 4.3 2 years £1493
BFU 1.29% Discount 2 years 5.64 4.9 2 years £1493
BBV 1.52% Discount 2 years 4.99 4.4 2 years £1493
SBS 1.54% Tracker 2 years 4.89 4.3 £0
BCO 1.6% Discount 2 years 5.49 4.8 2 years £1493
BMO 1.64% Discount 2 years 4.99 4.4 2 years £1493
*APRC = Annual Percentage Rate of Charge
*ERC = Early Repayment Charge
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The mortgage products displayed above are as a result of the following search:
Reason for Mortgage: Purchase; Property Valuation: £200000; Mortgage Amount: £120000;Payment Method: Repayment; Mortgage Term: 25 years; Mortgage Product: All Offset: No Product Term Period From: 0 Months; Product Term Period To: 300 Months; .

The mortgage deals shown above are subject to individual status and a suitable security property. You may not be eligible for some or all of the deals shown given your status and/or the nature of the security property. For a more accurate indication as to mortgage deals you are eligible for, please contact us to discuss your specific situation and/or property.

 

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Easy to work with.

By: Tim Baldwin
Rob and Alex are very easy to work with and you always feel like they have your back.....
For service -  Remo/Fairlea
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Very thorough, efficient service

By: Duncan Lees
After a very complicated first mortgage five years ago, we were quite apprehensive about the remortg....
For service -  Resi/Remo/Chelveston Road
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By: Ben Hornby
Alex and particularly David have been superb in helping us secure this remortgage which was not easy....
For service -  Resi/Remo/Slyne Road
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Very helpful, professional, and patient throughout what (for external reasons) turned into an except....
For service -  Expat/BTL/Gypsy Road
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David and Alex were very helpful in finding us a lender for our dream home. Thank you!....
For service -  Resi/Purchase/Austrey Lane
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By: Thomas Rae
They managed a remortgage when others could not. Would recommend to others.....
For service -  Resi/Remo/East Argyle Street
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By: Tim Wright
This was an excellent service from start to finish. Due to my circumstances ( paid in dollars) I cou....
For service -  Resi/Purchase/Heatherway
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Excellent service. Delivered my non standard mortgage. Anticipated challenges ahead and collected th....
For service -  Resi/Purchase/Monks Lane
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Had a great experience which resulted in successful purchase of our new home. Thanks to Alex Fryday.....
For service -  Resi/Purchase/Robson
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Very, very helpful and came through when others could not help (30+)

I wanted a mortgage at a particular LTV (20%) for a recent (less than 2 years) immigrant (Tier 2). I....
For service -  Resi/Purchase/Robson
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By: Andy Carmichael
We’ve had exceptional service from David and Alex to a difficult mortgage over the line. They have....
For service -  Expat/BuytoLet/Remo/King Edwards Road
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The best in the business.

Rockhopper has assisted me with my mortgage requirements on a number of properties. On every occasio....
For service -  Resi/Remo/Riddlesdown
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Highly recommended

By: Karl Davies
As a contractor earning salary in foreign currencies, I was unable to secure a mortgage via traditio....
For service -  Resi/Purchase/Hawthorns
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By: Francis Hornyold-Strickland
Great service. Lovely people and ended up with a great rate. My only suggestion would be to move awa....
For service -  ProductTX/Ferndale
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By: Gemma Hartley
A professional service from start to finish, good communication and helped me when other mortgage br....
For service -  Resi/Purchase/Upper St John St
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Rockhopper Mortgages are superbly professional and totally in control.

David Rostron and Alex Fryday of Rockhopper Mortgages were brilliant! I wanted to shuffle my mortgag....
For service -  BTL/Remo/Bay Tree
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Friendly, helpful and professional service.

By: Robert Cammidge
Friendly, helpful and professional service, took the stress out or re-mortgaging.....
For service -  Resi/Remo/Windham Road
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Superb service!

Excellent service from David and Alex, we were guided throughout the whole long process of our mort....
For service -  Resi/Purchase/Curlingham Crescent
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Excellent service

Refreshingly clear and straight forward process with strong, responsive communication.....
For service -  Resi/Purchase/Kenilworth Court
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By: Maurice Pickup
A very professional service.Guided through the process from beginning to end.Kept well informed thro....
For service -  Resi/Remo/Woodbine Cottage
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RockHopper Mortgages is a trading style of RockHopper Origination Limited who is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

RockHopper Origination Limited is a company registered in England and Wales with company number 10241688. Registered Office:Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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Tel: 0203 621 5696
Fax: 0203 621 5697
Email:info@rockhopper.uk.net

Address: Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

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