Hot Topics

What is a Bridging Loan?
A bridging loan is designed to help you when you are selling your old home and buying a new one, because it is very difficult to get the timing right.
What is credit scoring?
Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
What if I die before my loan is paid off?
If you die before your loan has been fully repaid, the loan will still need to be repaid by your estate. This may mean that your family will have to cover the cost of the loan for you.
What does it mean if my payment protection insurance includes cash back?
Some lenders offer a cash back scheme on payment protection insurance – by refunding all or part of the insurance premium after a certain time has elapsed.
Will my monthly repayments ever change?
It depends on whether your loan is a fixed or variable interest rate loan, and over what period of time you are taking the loan.

How much can I borrow with a debt consolidation loan?

The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

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It will be particularly important however, to check that you can afford the repayments. The loan company will take more care on this issue as the debt consolidation loan is basically the last resort in sorting out your finances and if you cannot keep up with repayments then it really will be your home that’s on the line.

For an unsecured debt consolidation loan you will be able to borrow between £3,000 and £25,000. However if you can put your home up as collateral and get a secured loan, you will be able to arrange a loan for anything from £3,000 to £100,000, depending ultimately on the value of your property. Loans up to £1 million exist, but not for the majority of UK borrowers.

If you are consolidating your debts then you should ensure that the amount you borrow does cover all your outstanding debts. The net equity you own in your home (i.e. the value of your house less the amount you owe on your mortgage and any other debts secured upon it) will have to be more than the value of the debt consolidation loan you need.



Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.