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Loan Consolidation
What is Loan Consolidation & How does it work?
Loan consolidation is the process of replacing multiple debts, including your loans, credit card balances and mortgage, with one easy to manage payment.
Simply add your mortgage balance to what you owe on your credit cards and your loans and then add any additional cashback you require.
If you want to go ahead with it, you'd sign an application form and return it with a few documents like payslips and your P60. The whole process can be completed within approx. 3 - 4 weeks. All your loans will be paid off for you, and you'll get a cheque with the cashback you requested.
PROS of Loan Consolidation:
- You'd have more money in your pocket every month.
- You can pay off your expensive loans
- Clear off your credit card balance
- Consolidate your loans and mortgage debts into one low monthly payment
- Reduce your monthly outgoings, often by 50% or more.
- And raise extra cash for variety of reasons.
CONS of Loan Consolidation:
- If you consolidate all your loans over the full mortgage term, you would pay more in interest overall. However, with some lenders, you could opt for a 'split mortgage' and pay off your short term debts over a shorter period than the rest of the mortgage to avoid this.
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