A bad debt consolidation re mortgage may be the financial product for you. If you’re in debt and are looking to use a bad debt consolidation re mortgage to consolidate your debts and make your financial life easier, then you will want to get the bad debt consolidation re mortgage as quickly as possible. There are several things you can do to speed up the process of getting a bad debt consolidation re mortgage.
First of all, before applying for a bad debt consolidation re mortgage, get a copy of your credit report from one of the credit reference agencies. There are three credit reference agencies in the UK – Experian, Equifax and CallCredit. For the price of £2 you can see exactly what your lenders will see when they are considering your bad debt consolidation re mortgage. The reason to do this is to make sure that the information on your credit file is accurate. That means making sure that any arrears, defaults and other adverse circumstances are your own. If they are not, take steps to get them removed well before you apply for a bad debt consolidation re mortgage.
Another thing you can do to get your bad debt consolidation re mortgage as quickly as possible is to get all the paperwork you need together. That may mean payslips if you are employed, proof of income, or filling out the necessary forms. It also helps to have given some thought to what kind of bad debt consolidation re mortgage you want. There are many different mortgage products to choose from and repayment methods can vary too.
Offset Debt Consolidation Remortgage
For example, you may be able to get a bad debt consolidation re mortgage with offset features, which means that it is linked to a savings account or allows you to deposit your income to the mortgage account and save on interest. Over the term of the mortgage you could save thousands of pounds and you might even be able to repay the bad debt consolidation re mortgage early. And remember to consider whether you want interest only, capital and interest or mixed repayment methods*.
Even if offset is not an option many debt consolidation re mortgage packages offer flexible features, which can be a real boon to someone who is struggling with debt. If your bad debt consolidation re mortgage is flexible, you are likely to be able to overpay when you have more money and underpay when you have less money. You may even be able to arrange payment holidays. And since this is within the terms of your bad debt consolidation re mortgage it should not have a negative effect on your credit rating. However, underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
Considering your options up front will help speed up the time that it takes to get a debt consolidation re mortgage – and with many lenders now using automated valuations, the process could be even quicker. However, there is another sure fire way to get your bad debt consolidation re mortgage quickly – and there’s no hassle for you either. Just go to a mortgage broker who specialises in adverse credit loans. The broker will have access to thousands of deals and with information about your circumstances, he or she can match you with the perfect bad debt consolidation re mortgage in a matter of minutes.
* Source Barclays Bank: Calculation based on an offset tracker product; repayment mortgage of £100,000 over a 25-year term that has been offset with £20,000 savings, resulting in a reduction in mortgage term of 8 years and 8 months or a saving of £44,867 in overall interest. Calculation assumes balance remains constant throughout the life of the mortgage and that the mortgage loan and savings balance will vary. Outcomes will be either a reduction in payments or a reduction in mortgage term. No interest is paid on balances offset against the mortgage. Typical rate is 6.45% (variable). The overall cost for comparison is 6.7% APR.