Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
Taking out credit is required by most people from time to time, but it does bring concerns, especially when they work on a subcontracted basis with potentially unreliable payments. The sad fact is that excessive debt expenses can leave home and money at risk when you’re paid through the Construction Industry Scheme.
If you find yourself in this situation, you wouldn’t be alone in considering a remortgage for debt consolidation. Done right, this can be a manageable way to put debt in one place and even reduce monthly outgoings. Typically, homeowners who consider going down this route will do so in one of two fundamental ways –
- Remortgaging an entire debt to a new lender
- Securing a new loan on a current mortgage
The trouble is that this can be risky, especially given the additional mortgage doubts and dilemmas due to your CIS payments. Getting lenders to seriously consider giving you a remortgage for debt consolidation can be a challenge in itself, especially done so with the purpose of keeping current debts more manageable. Luckily, we at CIS Mortgage Advice have helped countless subcontractors remortgage for debt consolidation purposes. And, our team are on hand to offer their expertise in your case.
The benefits of remortgaging for debt consolidation with CIS
Firstly, consider the benefits of remortgaging as a subcontractor. By taking this course of action with the right advice, you could see –
- Improvements to your credit score and lend worthiness
- Reduced monthly total monthly outgoings
- Less financial stress by knowing you have fewer easy to manage outgoings
At the very least, less debt means increased lending chances for remortgaging and more in the future. This is especially the case when you consider that lenders often deduct existing debts/loans alongside expenses during CIS affordability checks. You could argue, then, that remortgaging for debt consolidation could open you to higher lending in the future.
However, remortgaging for debt consolidation when you’re already considered a high-risk isn’t a walk in the park. Challenges you may face include –
- Stringent eligibility checks (including 1+ year of accounts)
- Restrictions due to conceived affordability issues
- Refusal in the face of bad credit
Given that you must declare your debt consolidation needs when you borrow, even success has the potential to compromise your lending abilities down the line.
How can we help?
Our expert team are on hand to assist subcontractors and point them towards the right mortgage deals. And, we provide that same level of help when it comes to remortgaging for debt consolidation.
Much like with first-time mortgage seeking, we’ll meet you for an initial fee-free no-obligation consultation to discuss initial borrowing indications, factoring in your debt, finances, and lifestyle. We can then help you gain a provisional remortgaging offer with one of the best companies, regardless of –
- The length of your existing contract
- The current state of your credit rating
- The amount of your current mortgage left to pay
All you need to do to get your mortgage for debt consolidation rolling is call 0808 164 0253 or email us on email@example.com today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.