- Are you servicing credit card balances by making minimum payments but not reducing the amounts owed?
- Are your monthly payments too high?
With Credit card interest at between 18% to 32%, this is madness! It can cost you a fortune over a very long time. Review how you can clear those credit cards without hurting your credit rating.
Give us a call on 01535 640079 to discuss (in confidence) your options.
- Continue making payments plus pay as much disposable income as possible to reduce the balance over time. (Still paying very high rates of interest over time).
- Remortgage investment and or residential property. This is called "debt consolidation". However, if your present mortgage(s) are on attractive terms (very low interest rates) or is tied in for a period with early redemption penalties, it may be better not to disturb your existing mortgage(s).
- Contact your existing mortgage lender and see if they will give you a further advance without disturbing the original mortgage. Typical interest rates vary from 6.99% to 9.9% depending on status.
- Take out a secured loan over a fixed period. Rates vary between 7.9% to 16% depending on status. You could reduce your monthly payments substantially. However, you would be paying over an agrreed long term and the total amount paid may be higher than if you managed down the credit card balances yourself. Your home would be at risk if you failed to keep up payments on a loan or mortgage secured on it.
- When raising finance using the security of an already mortgaged property, there are the options of re-mortgage or second charge or Secured Loans. The latter option avoids disturbing the existing mortgage and there are a number of occasions when it may be more suitable to raise finance by raising a further loan than to arrange a re-mortgage. Amongst other things, the purpose, the term for which the money is required, and any redemption penalty on the existing mortgage need to be considered. Mortgage Market is able to assist you in assessing your options and help you make the most suitable application. Interest rates and monthly payments are higher than residential mortgage finance and are usually on a capital and interest payment basis.
- Mortgaged finance can be your most important financial commitment. Making the right choice is central to your well being and your domestic budget; getting it wrong can put your home and financial future at risk. You get access to the whole of the UK lending and general insurance market including exclusive products and niche arrangements.
- Protecting your finances and your future against the impact of unfortunate events outside your control is also very important. We provide advice and access to the most appropriate and cost effective non-investment insurance products to meet your needs.
- These are available, depending on status etc. As the name suggests, there is no no direct surety for the lender. However, many lenders demand "full recourse". This is where, should you fail to keep up payments, the lender can come after any of your assets, including your home. The interest rates are usually very high when compared to residential and secured finance.