Looking into debt consolidation loans could result in lower repayments, but around one out of five (18 per cent) people don`t know that they may be able switch their loan balance from one provider to another.
That`s one of the startling things that`s emerged from research by Sainsbury`s Bank, suggesting that many people struggle on with multiple repayments for credit cards, store cards and other unsecured borrowing, rather than finding an alternative that could ease their cash flow and more affordable.
Sainsbury`s figures show that the consumers who did know about debt consolidation refinanced to the tune of £2.2 billion in the first quarter of the year, with many taking advantage of a reduction in loan interest rates. On average, borrowers consolidated to the tune of £10,334 each.
Head of Banking, Simon Ranson, believes that people should think about all of their outgoings before looking into debt consolidation, noting that `having all of your borrowing in one place… could have a significant impact on your monthly outgoings`.
If you are a homeowner looking to consider consolidating your credit through a personal secured loan or a remortgage, First Choice Finance may be able to help. We will scour our lenders to find a homeowner loan or mortgage that will suit your needs and try to make your repayments easier to manage. Please bear in mind you should think carefully before securing other debts against your home.
Discover how to get a no obligation free personal quotation by visiting firstchoicefinance.co.uk or calling us on 0333 003 1505, mobile friendly, or dial 0800 298 3000 on your landline.
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.