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Remortgaging to pay off debt

A remortgage is when you trade the mortgage you have now for a new of different one. You may want to do this to pay off debt.

Remortgaging can mean:

  • Changing plans with the lender you have now
  • Switching to another mortgage lender completely

Remortgaging can improve your situation in two ways:

  • Release equity
  • Take a lump sum from the value of your property

    Use this to repay debts

  • Reduce your monthly mortgage payment
  • This frees up money for other debts

Always get expert debt advice before remortgaging to deal with debts.

household bills iconWorried about money and your mortgage?

Maybe it is a strain to keep on top of monthly spending. Or you don't know what to do when your fixed rate mortgage ends.

Together, we can look at your situation and unlock your options.

Read our homeowner guides.

How remortgaging works

A mortgage lender will base your application on a number of things including:

  • Your credit file
  • The value of your house
  • How much you want to borrow

Important Information

If you are in arrears with your mortgage or any other debts:

If your current mortgage deal that has not ended:

  • There is often 'an early redemption fee' if you remortgage early
  • For example:
    • Last year, you got a fixed term mortgage for three years
    • You pay extra to remortgage this year

Will I be able to remortgage if I'm in debt?

Being in debt means you probably missed payments. That affects your credit file.

You may find it hard to get a new mortgage with a good rate.

A mortgage broker may be able to help you to find you a good deal.

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Other ways to pay off debts

Remortgaging might be right for you, and we can help you find out if it is. But there are other ways to deal with debt.

  1. First, build a budget
  2. Work out how to deal with your most important debts
  3. See if you can save money to pay what you owe
  4. Find out if a debt solution would be better for you

We can help you with all this.

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