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100% Recommend

The Independent review organisation Reviews.co.uk report that 100% of reviewers recommend Lending Expert

Lending Experts

We’re mortgage experts. This means we know our stuff when it comes to all types of mortgages. We know where the best rates are and have access to exclusive deals just for Lending Expert customers.

Huge Market Comparison

We’re not tied to one lender which means we can search the wider market to find you the cheapest mortgages from across the UK.

Authorised & Regulated

Lending Expert is an FCA regulated credit broker which means you can be assured you are dealing with a legitimate and reputable finance company.

Flexible Lending

If you have bad credit or have previously been refused a mortgage we can consider your application. Whatever your circumstances please get in touch and we'll do our best to help find you the perfect mortgage deal.

Remortgaging for Debt Consolidation at Lending Expert

If you’ve got debts with a high interest rate that you’re struggling to keep up repayments for, remortgaging may be the best option for you. Speak to one of our mortgage experts and start your application today!


Key Points

  • Debt consolidation is where you take out a new loan to repay your outstanding debts, leaving you with one loan to repay.
  • You can remortgage as a debt consolidation method.
  • If you fail to keep up with repayments, your property could be repossessed.


What Is Debt Consolidation?

Put simply, debt consolidation is where several debts are consolidated into one loan with one interest rate. This new loan is then used to pay off existing debts, leaving you with just one loan.

Many people opt to consolidate their debts to reduce the amount of interest they are paying on their loan, and reduce the number of lenders they owe money to. It’s important to note that debt consolidation doesn’t always result in paying less interest. Speak to one of our expert advisors to find the best solution for you.


How Does Debt Consolidation Work?

With Debt Consolidation, you take out a new loan in order to cover all of your existing debts. That way, you’ll be left with one loan from one lender to pay back, as opposed to multiple. Most debt consolidation loans work in the same way:


Work Out What You Owe

Firstly, you’ll need to work out exactly how much you owe to lenders. By doing this, you’ll make sure that you only borrow enough to cover your debts, and don’t borrow over this amount. You’ll need to take into account your credit cards, loans, and overdraft debts.


Pay Off Your Debts With Your Loan

Once you have received your loan, you should pay off your existing debts with this money. After doing this, you’ll be left with just one loan at one interest rate from one lender. Many people find this much more manageable than having several loans at once.


Pay Back Your Loan

Now you’ll need to pay back your debt consolidation loan. This will have to be within the agreed timeframe or your credit score could be negatively impacted. Many people find paying one loan a month is easier.



How Can I Remortgage for Debt Consolidation?

Much like taking out a regular mortgage to consolidate your debts, you can also remortgage to consolidate debt. To do this, you would change the mortgage on your current property from one lender to another. This new mortgage will replace your old one.

You would then use this money to pay off the debts you owe, leaving you with only one loan to repay.


How Much Money Can I Get for a Remortgage To Consolidate My Debts?

The maximum amount of money you can borrow with a mortgage is 80% of the value of the property you will be securing your loan against. However, if you’ve got a poor credit history, some lenders will only let you borrow up to 60% of the value of the property.

It’s really important to work out how much money you need to consolidate your debts before applying for a remortgage. Speak to our team of experts for impartial advice today!


What Do I Need To Consider Before Remortgaging for Debt Consolidation?

Choosing to remortgage is a big decision that shouldn’t be taken lightly. We’d always recommend speaking to a professional about your finance options before making any big decisions. You can chat to our expert advisors about remortgaging for debt consolidation today!

There’s some things that should always be considered before remortgaging:

  • Your annual income.
  • The amount you are able to put down as a deposit.
  • How much money you want to borrow overall.
  • How much equity you have.
  • The purpose of the mortgage.


Which Areas in the UK Can I Remortgage With Lending Expert?

We proudly offer remortgages across the entire UK, including: Birmingham, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, and, amongst others, Newcastle.


What Happens if I Fail To Keep Up With Repayments?

Your mortgage is secured against your property. This means that any late repayments will lead to a negatively impacted credit score, late penalties and fees, and perhaps even the risk of property repossession from your bank or lender.

That’s why it’s incredibly important to only borrow what you know you can afford to repay. You should always check through the repayment terms before remortgaging. Talk to our team of professionals at Lending Expert for unbiased advice.


Why Should I Use Lending Expert for My Debt Consolidation Remortgage?

Here at Lending Expert, we work with a number of high street banks and specialist mortgage lenders. We have access to over 1,000 mortgage deals available and are in the perfect position to help you get your remortgage approved and get the best rates. You can use our free and easy to use eligibility checker for an indicative quote with no obligation.

Lending Expert was founded in 2013, and we have years of experience working in the secured loan and mortgage market. We’ve helped thousands of customers to date. Our values have always been to find the right product for the right individual at the most competitive rate – and we are pleased to offer our services for you today! Start your application today!

Compare remortgage deals for debt consolidation and get the best deals today.