Personal debt in the UK has reached £1.43 trillion and if you cannot beat your debt down through lifestyle changes then you could explore the use of a debt consolidation loan or mortgage in order to pay your portion off in a more efficient manner.
The Money Charity`s latest statistics show that nationwide debt rose by £900,000 year-on-year in October, climbing above the previous record that was set in September 2008. Included in that is a £2.1 million increase in outstanding unsecured consumer credit.
This is the kind of credit that some people refinance to a secured debt consolidation loan – by using your house as security to get a remortgage or homeowner secured loan, you`re able to pay off myriad unsecured loans, leaving you with a single repayment to make each month on your new loan, this is a potential route for you provided the payments come down enough to make it worth while.
You will probably need to pay more interest overall on this, as the loan will be spread over a longer period, so always borrow what you need and strike a balance between paying it back as soon as possible whilst still improving your cash flow.
Find out more at firstchoicefinance.co.uk or by giving us a call; from a landline, it`s 0800 298 3000 and from a mobile, it`s 0333 003 1505.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.