To qualify for a debt consolidation remortgage, you’ll have to pass a number of checks from your lender to make sure that you’ll be able to pay off both your existing debts and your increased mortgage payments. This will include a credit check and will also depend on the value of your home, what percentage of it you own and how much you want to borrow.
They might also ask you to sign an undertaking before the mortgage is approved, which essentially states that you agree to pay off your debts in full on completion.
There’s also the option of taking out a second charge mortgage, which is a type of secured loan which uses your home as security, which allows you to keep your original mortgage, which can be preferable if you’re on favourable terms, such as a good interest rate.
To qualify for a debt consolidation remortgage, you’ll have to pass a number of checks from your lender to make sure that you’ll be able to pay off both your existing debts and your increased mortgage payments. This will include a credit check and will also depend on the value of your home, what percentage of it you own and how much you want to borrow.
They might also ask you to sign what’s called an ‘undertaking’ before the mortgage is approved, which is an agreement that you’ll pay off your debts in full when your mortgage completes.