In some cases, consolidating your debts through a mortgage might not be in your best interests - for example:

• If you have a very low-interest rate on your existing mortgage, remortgaging at a higher rate would end up costing you more (in this scenario, a second charge mortgage would be more advantageous).
• It might take you longer to pay back your debts depending on the length of the mortgage term.
• If you fail to keep up with repayments, your home could be at risk of repossession.

For many people, the pros far outweigh the cons:

• You avoid serious credit issues such as CCJs or bankruptcy.
• Your budget becomes simple, fixed and easy to manage.
• The total interest paid is often significantly reduced.
• You gain a better rate and terms with the security of your property.

If you are unsure about whether debt consolidation mortgages are the answer to your debt concerns, give us a call, and we'll run through your best options.

Things to bear in mind are:

• What interest rates you are paying now vs what is available on the market?
• How long do you need to repay your debts, and therefore what mortgage terms should you be looking for?
• What will the new monthly repayment be, and how does that compare to your existing outgoings?
• Will you save money overall by consolidating your debts?
• Is a mortgage the right option for you, or are other debt consolidation options preferable?
• Should you apply for a fixed rate or variable tracker mortgage?

The size of mortgage you can get, depends on lots of criteria, and the individual lender. For example:

• How much you can afford to pay each month.
• Your debt to income ratio.
• The equity in the property.
• The type and number of debts to be consolidated.

For example, if you have a property with 100% equity, i.e. no mortgage outstanding, a lender might offer you up to a 90% loan-to-value ratio - 90% of the value of the property.

Some lenders will place a limit on how much you can borrow against your home for debt consolidation purposes - often a fixed limitation of, say, £30,000 or £50,000.

In other cases, the lending offer might depend on what debts you have, and the circumstances around them rather than the value of the property itself.

As with any type of mortgage, the terms under which you can borrow depend on the lender, and there is no reason you can't consolidate debts through a mortgage whether you are retired or not.

Lenders will need to know your age, income, and the amount already borrowed against the property before making an offer.

Some lenders put a limit on lending to older applicants of, say, £10,000, whereas others will not restrict their borrowing at all.

Many mortgage providers do have age limits, but it all depends on the duration of the loan term and knowing which specialist lenders to apply to. Some have caps of age 75 or 85, and others have no restrictions whatsoever.

For support with securing mortgage lending for debt consolidation past retirement, give the Revolution team a call, and we will recommend the best products for your requirements.

Lots of mortgage lenders offer specific debt consolidation mortgages, although the criteria they have will vary significantly between providers. Many mainstream lenders offer debt consolidation lending, including:

• NatWest
• Barclays
• Nationwide
• Halifax
• HSBC
• Accord Mortgages
• RBS
• Virgin Money
• Bluestone

However, you can often secure more competitive rates from niche lenders who negotiate products directly with brokers that are not available on the open market.