Homeowners may ultimately look to resort to loans for consumers who are seeing increased debt levels including to their utility companies, as new figures show that the energy crisis is growing.
Research by uSwitch shows that almost four million households owe a total £464 million to their power suppliers alone, with the average energy bill now sitting at £1,265 a year, almost £800 more than the level it was at in 2004.
Price hikes in the winter have seen the average home debt grow to £128 and it`s just fortunate that we had a mild winter, otherwise that could be far worse, indebted people may have tried to use less energy, which could have severe health implications, particularly for the elderly and infirm.
There are cheaper tariffs available, but Ann Robinson from the comparison site explains that `many see debt as a barrier to switching`, which can be a major disadvantage seeing as though the difference between the cheapest and most expensive deals can be around £300.
If you have multiple credit debts and are finding it harder to meet your everyday bills because of cash flow then if you are a homeowner with equity you could apply for a homeowner secured loan, which would provide you with a route to pay off unsecured bills using a new loan spread over a longer term to improve your cash flow. Please note you will likely pay more interest over the term and the loans are secured, so carry the same risks as a mortgage.
Our underwriters will identify the most suitable homeowner loan for you from our panel and provide you with a free quote, facts and figures, so you can decide if this will help you.
To get a homeowner secured loan quote without obligation or pressure, then visit firstchoicefinance.co.uk or call on 0333 003 1505, mobile friendly or 0800 298 3000, free from a BT landline.
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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.
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