Debt consolidation despite less concern

Debt consolidation despite less concern

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Video transcript

Consumers are less worried about their debt levels now compared to last year, but that`s not to mean that they`ll be resting on their laurels, with debt consolidation being one of the options open to them as they seek take charge of their finances.

Research from analyst firm MindMetre indicates that 59 per cent of those asked about debt are less concerned about it this year, 2014, due to an improving economy. However, many are already thinking of ways that they can reduce their debt even further.

Fifty-two per cent will consider reducing their mortgages, which they can do by looking into remortgaging to a shorter term or by making overpayments where allowed. However, 60 per cent will focus on high interest credit cards and 44 per cent will seek to cut other kinds of unsecured debts, both of which some may choose to be dealt with using a debt consolidation loan.

One type of debt consolidation involves homeowner taking out a larger loan, secured against their property as a second mortgage and using this new loan to pay off other unsecured loans and credit cards, leaving you with just one lower repayment to make each month.

A debt consolidation loan will however usually cost you more in interest over its lifetime because it goes on for longer than unsecured borrowing and if you use your home as security it carries the same risks as a mortgage. Always look at various options and think carefully before securing other debts against your home.

At first choice we will use our experience to provide you with a no-obligation free quotation which you can consider and only proceed if you want to. We will then process your loan for you from enquiry to completion supporting you along the way. Discover more at firstchoicefinance.co.uk or call for on 0333 003 1505 on a mobile, if on a BT landline call free on 0800 298 3000.

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


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.
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 immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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