But if you’re a homeowner, remortgaging could help you tame the monster.

Turn multiple debt repayments into one that’s manageable

A debt consolidation remortgage allows you to switch your current mortgage and potentially borrow a little extra against your property to repay existing debts such as credit cards, personal loans or overdrafts.

Instead of managing several repayments each month at different interest rates, those debts can be combined into one single monthly mortgage payment.

Why Homeowners are considering It

Many unsecured debts carry much higher interest rates than mortgages. Credit cards, for example, can often charge 20% APR or more.

By consolidating debts into your mortgage, you may be able to:

• Reduce your monthly outgoings

• Benefit from lower interest rates compared to credit cards or loans

• Simplify your finances with one manageable payment

• Create breathing space in your monthly budget

At a time when everyday costs are rising, freeing up even a small amount each month can make a real difference.

Getting expert advice is vital

Remortgaging to consolidate debt can help reduce monthly pressure, but it’s important to understand the long-term impact. Because mortgages run over longer periods, you could end up paying more interest overall.

At Moat Mortgages, we review your mortgage and existing debts to see if consolidation is right for you, and we’ll give you clear advice completely free.

And don’t forget…

Your home may be repossessed if you do not keep up repayments on your mortgage.