Remortgage to pay off debts

If you have unsecured debts that you are struggling with and you are a homeonwer with a mortgage, you might be able to do a remortgage to address the debts, if you are coming to the end of your current mortgage deal.

A remortgage involves changing your current mortgage product from one lender to another in order to get a better deal or a cheaper mortgage.

When you remortgage you could have the option of releasing equity from your home to pay off debts or even adding unsecured debt to your new mortgage product.

Alternatives to a Remortgage

Getting a remortgage isn't always the easiest or best way of dealing with your unsecured debts. You need to research if it is your best option. You could end up paying more than what you would if you were repaying the debts as they stand. Get in touch with Debt Advice NI to find out all of your options and if in fact a remortgage is your best choice. Call us on 0800 043 0550 or click here to visit our contact page.

Advantages of a remortgage

You could get a better mortgage deal.
You could release equity from your home to pay off debts.
You could add your unsecured debts into the new mortgage arrangement.

Disadvantages of a remortgage

It may not be cheaper to remortgage to pay off your debt.
You will likely need considerable equity in your home in order to do a remortgage or get a good deal on a remortgage.
If you cannot keep up mortgage repayments you could lose your home.
If you do not close your accounts for the debts you pay off, you could end up using them again and causing bigger debt problems for yourself.

Contact us

Get in touch with Debt Advice NI and get help with your debts. Call us now on 0800 043 0550 or click here to visit our contact page.

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debtadvicenorthernireland.co.uk is owned by McCambridge Duffy who are one of the leading Insolvency firms in the UK and have been in the financial industry since 1932. McCambridge Duffy solely provide IVAs and other Insolvency solutions.

On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.

debt solutions - We can advise you

IVA

If you are struggling to pay your debts (of more than £8,000) then an IVA could help you lower your monthly repayments. You could even write off debt on completion of the IVA...

Debt Management

Debt Management is an informal solution that can help you lower your monthly debt repayments to a more manageable amount. In some cases interest and charges can be frozen on your debts...

Bankruptcy

Bankruptcy is a process that allows you to write off unmanageable debt. It is generally a last resort debt solution because alternative solutions are available, but it can benefit in some cases...

Debt Consolidation

Debt Consolidation allows you to pay off debts with a loan. You repay the loan with monthly payments. It can be a good way of reorganising finances, especially if you have multiple debts...

Remortgage Debt

If you are having difficulty paying your debts and you are a homeowner and have equity in your home, then getting a remortgage might be a good option to help you deal with the problem debts...

Administration

An Administration Order is a court order that allows you to deal with all of your debts of £5,000 or less and treat them as 1 debt. It is imposed and administered through your local county court...

Debt relief Order

A Debt Relief Order (DRO) is suitable for you if you cannot pay your debts. In order to do one you must have debts under £50,000 and have very little or no assets. A DRO is like a form of mini bankruptcy...

Self Employed

If you are a business owner having difficulty managing business / personal debt and it's affecting your business, we could help. We offer a range of insolvency solutions to help you get back on track.