Consolidating credit card debt into your mortgage
That way you can easily budget with a structured payment plan and an assured pay-off date.
Find a mortgage that's right for you using our mortgage product selector.
The idea of consolidating debt is a pretty simple one, and has been around for a long time.
In essence, the idea is that you take a number of debts - for instance credit card balances and loans - and pay them off by moving them to a single, cheaper debt.
The advantage for our clients was that it reduced their overall monthly repayments substantially, as they only had one mortgage payment to make.
“We sat down with them and when we explained that they would be paying for their purchases on their credit card or for their car for the next 30 years, they soon realised that this wasn’t the best way to structure their finances!
It is useful as a last resort if you are really struggling to meet a variety of monthly payments - however, once you have taken this step, you must be very disciplined about falling into debt again. However, there are lot of considerations to weigh up before you take this step - some of which will help you decide if it is a good idea, and some of which will determine if it is even possible.Debt consolidation is a strategy to roll multiple old debts into a single new one.