| Debt Consolidation | ||||||||||||||||||
Many people take the decision to clear their unsecured debts and add them to their mortgage as this tends to give a lower monthly outgoing and is easier to one payment. The disadvantage is that short term debt unsecured debts become longer term and secured against property, and as the mortgage is larger, there is theoretically more chance of repossession, although some would argue the lower monthly outgoing means people are less likely to get into difficulty. You’ll need to have details of all your debts to hand so that the lender can make sense of your situation and see, which, will be repaid. Make sure you are aware of the true valuation of your property (if remortgaging). You might want to list the debts you intend to clear as follows; Debt 1 Debt 2 Debt 3 Debt 4
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