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Remortgages for Debt Consolidation

Is there a limit on the amount you can borrow through a remortgage to consolidate debts, and when is a debt consolidation mortgaging the right solution?

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This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Almas Uddin

Founder and Mortgage Advisor

2023-05-09

Remortgages for Debt Consolidation

Debt consolidation is one of the most common reasons to look at remortgaging, and can be a cost-effective way of managing your liabilities over a more extended period.

The Revolution team has created this guide to explain the pros and cons, and how alternative lending might help ease the pressure of managing multiple debts.

To enquire or learn more about remortgages for debt consolidation, give us a call on 0330 304 3040 or drop us a message to [email protected].

What Are Debt Consolidation Remortgages?

When you remortgage, you take out a new loan to pay off the old one. If you have equity in your home, you can increase the amount you borrow to pay for other costs.

By releasing equity, you raise capital to repay your debts and pay back the increased value through your new mortgage repayments.

Debt consolidation remortgages can help reduce your monthly outgoings, collate multiple debts into one, and make the repayment process easier over a longer period.

Already Interested, Let’s Get Started!

The following

topics are

covered below

How Does a Debt Consolidation Remortgage Work?

What are the Benefits to Consolidating Debts into a Remortgage?

Is it Best for Me to Roll Up my Debts into a Mortgage?

How Much Can I Borrow on a Debt Consolidation Remortgage?

What is the Difference Between a Debt Consolidation Remortgage and a Second Mortgage?

Can I Remortgage to Consolidate Debt Past Retirement?

Which UK Lenders Provide Debt Consolidation Remortgages?

Professional Advice with Debt Consolidation Remortgaging

Show less

Why Revolution Brokers?

Whole of market brokers

Mortgage that suits you

On time customer support

How Does a Debt Consolidation Remortgage Work?

Lenders will look at several criteria:

Your credit history and credit score.
Value of the property you want to remortgage.
How much equity you own.
What you want to borrow against the property value (i.e. the Loan to Value).

You will often be asked to sign a contract via a solicitor confirming that the remortgage proceeds will be used to repay the debts in full.

In some cases, you might have an excellent interest rate in your mortgage and are reluctant to remortgage and lose those cheaper rates. If that applies, you can consider alternatives such as a second charge loan.

What are the Benefits to Consolidating Debts into a Remortgage?

There are lots of reasons people choose a debt consolidation remortgage:

Reducing monthly debt repayments.
Making finances simpler to manage.
Replacing high-interest loans with a more affordable mortgage rate.

Debt consolidation remortgages can be used to repay any type of lending, including:

Bank overdrafts
Credit cards
Payday loans
Unsecured loans

As an example:

You owe £5,000 on a credit card, at a 24.5% interest rate.
You also have a £7,500 loan charged at 16.95% SPR.
In total, your short-term debt is £22,500.

Over ten years, you will pay £23,423 of interest, with the total repayment on your £22,500 lending being £45,923.

If you opted for a debt consolidation remortgage at a 5% interest rate, the total repayment, including interest, would be just £28,638.

Is it Best for Me to Roll Up my Debts into a Mortgage?

Whether remortgaging for debt consolidation is right for you depends on your circumstances.

For a lot of people, this is a sensible option. However, if you have an older mortgage with an interest rate that nobody would offer in today's market, it might not be the right solution.

Likewise, by stretching out the repayments over a longer-term, you could end up paying back more overall.

It's also worth remembering that if your short-term debt rises again, you will need to pay back the debt consolidation remortgage as well as any other obligations.

That said, remortgages to consolidate debts are a lucrative option for a lot of people, with one monthly repayment, and a more affordable cost. You can also avoid letting short-term debt get out of control, resulting in CCJs or bankruptcy, which is much more severe.

Contact the mortgage brokers team today to discover:

The best interest rates available.
Options for remortgaging terms.
How much you could repay per month.
Whether you will make an overall saving.
What other options are available.
How much the fees will be.
Whether you should choose fixed or variable rates.
How debt consolidation will impact your current situation.

How Much Can I Borrow on a Debt Consolidation Remortgage?

The value you can borrow depends on:

How much equity you own.
Your credit history.
The total debt vs income ratio.

If you have a bad credit history, you can also consider a bad credit remortgage, available through specialist lenders.

Some mortgage providers will lend up to 90% of the value of your property (LTV), and often this applies to properties worth over £500,000. Others will set a limit as to how much you can borrow for debt consolidation, usually £30,000 - £50,000.

Different lenders will be less concerned about setting limits, and more about how the debt arose, and how likely it is that you have now resolved the situation.

What is the Difference Between a Debt Consolidation Remortgage and a Second Mortgage?

A second charge mortgage is a separate product and is repaid separately from your original mortgage. It is still secured against your home but doesn't impact the existing mortgage.

This option is usually chosen because you don't wish to lose your first mortgage, typically because the interest rates are very competitive.

Can I Remortgage to Consolidate Debt Past Retirement?

You can indeed - some lenders set caps on lending ages, or might restrict the value they can lend to retirees, usually around £10,000.

However, while some providers set an age limit of 75 or 85, others have no restrictions at all.

Which UK Lenders Provide Debt Consolidation Remortgages?

Many high-street banks offer debt consolidation remortgages - although the criteria and rates available vary significantly. These include:

Accord Mortgages
Barclays
Bluestone
Halifax
HSBC
Nationwide
NatWest
RBS
Virgin Money

You can often find more competitive rates from niche lenders, particularly if you have unusual circumstances such as bad credit history.

Professional Advice with Debt Consolidation Remortgaging

If you are considering a remortgage to consolidate debts, contact the Revolution team today. We have whole-of-market access, so we can offer you the best products and negotiate the most competitive rates on your behalf.

Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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Find out more about us

Remortgages for Debt Consolidation

Discover What Our Customers

About your mortgage

Based on your yearly income, you may be able to borrow

Remortgages for Debt Consolidation

What Are Debt Consolidation Remortgages?

Whole of market brokers

Mortgage that suits you

On time customer support

How Does a Debt Consolidation Remortgage Work?

What are the Benefits to Consolidating Debts into a Remortgage?

Is it Best for Me to Roll Up my Debts into a Mortgage?

How Much Can I Borrow on a Debt Consolidation Remortgage?

What is the Difference Between a Debt Consolidation Remortgage and a Second Mortgage?

Can I Remortgage to Consolidate Debt Past Retirement?

Which UK Lenders Provide Debt Consolidation Remortgages?

Professional Advice with Debt Consolidation Remortgaging

Further Reading

Applying for a Remortgage on an Unencumbered Property

Choosing the Best Broker for Remortgaging

Comparing Remortgage Quotations

Choosing the Right UK Remortgage Lender

Day One Remortgaging Explained

Help To Buy Remortgaging Advice

Fees, Taxes and Costs of Remortgaging

Finding a Probate Mortgage

How to Find a Cheap Remortgage Rate

How to Release Equity Through Remortgaging

Mortgages During Employment Probationary Periods

Remortgage Deals with a 5% Deposit

Pros & Cons: Secured Loans vs Remortgaging

Porting Your Mortgage - The Revolution Guide

Refinancing Debt Through Remortgaging

Transferring Your Mortgage Products

Remortgaging Your Home in Retirement

Remortgaging to Finance Home Renovations

Remortgages for Second Property Purchases

Remortgages for Debt Consolidation

Remortgaging with Non-standard Income Streams

Can You Remortgage Early During a Fixed-Term Contract?

Can You Be Refused a Remortgage?

Can You Remortgage With Bad Credit?

Do You Need a Solicitor to Remortgage?

Guidance on Choosing When to Remortgage

How Does Remortgaging Work?

How Long Does a Remortgage Take?

How to Remortgage: A Step-by-Step Guide

What Can I Do if I Can’t Remortgage Due to Affordability?

What Happens on Remortgage Completion Day?

What Do You Need to Remortgage?

Why Do People Remortgage Their Homes?

How Much Does it Cost to Remortgage?

What Is a Remortgage: Example

Do You Need a Deposit to Remortgage?

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