A Prime Debt Consolidation Mortgage is when someone takes out a mortgage that’s big enough to pay off not only an existing mortgage, but cover and pay off outstanding debts as well. For example, if you have a mortgage of £100,000 and debt of £50,000, you’d be looking for a mortgage worth £150,000 to cover both.
It can take years to repay credit cards and loans from just the minimum payments and consolidating the debt can reduce your outgoings and give you structure to actually pay back what you owe, over a more comfortable time-frame.
This can not only reduce your overall interest rate, but can simultaneously lower overall monthly payments. It can also simplify the financial responsibility into one monthly commitment so you don’t have to worry about keeping track of numerous different payments on cards and loans going out on different days of the month, and trying to orchestrate things around payday.
To speak to a member of our team about a Prime Debt Consolidation Mortgage, fill out the form below and an expert will be in touch. Alternatively, you can learn about other types of remortgages and explore your options.