Debt consolidation is when you take out a loan to pay off several loans and consolidate the monthly loans into one payment.
Some people will do this by taking out a second mortgage on their home and cash out the equity they have built up. Another option is take out a signature loan, or unsecured loan, to consolidate the debt. Although the interest rate may be slightly higher, it does reduce the risk of losing your home.
- Simplify your short-term debt position
- Make payments more manageable
- Use your house equity to access lower interest rates and pay debt off more quickly
- Access lower unsecured loan interest rates
- Advice on structuring short-term debt to improve your overall finance position
Thinking of taking the next step? Fill out our Online Development Finance Quick Start form below to begin. We’ll be able to help you find exactly how much you can borrow, the best bank to use and the best loan features.