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Remortgaging to Pay Off Debts

Remortgaging may be useful for reducing monthly expenditure, consolidating outstanding debts, or releasing equity.

If you have a mortgage, in may be possible to remortgage in order to reduce your mortgage payments to a more affordable level. 

Or it may even be possible to remortgage to release equity from your home in order to clear your unsecured debts altogether!

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We could offer you a solution that will reduce your monthly payments with the potential of freezing interest and charges, and even writing off some of the debt.

The options PayPlan can offer

The options PayPlan can offer vary depending on your situation, and there is no obligation to progress if you do not wish. We will simply talk through the different solutions to help you decide what is best for you. For more information on the solutions we offer/advise on, please see: and .

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What is remortgaging?

Remortgaging is when you replace an existing mortgage with a new mortgage without moving home. It might involve changing mortgage lender or opting for another product with your existing lender. Remortgaging has been a popular way of reducing repayments and releasing capital and can be useful as a means of consolidating debts. Taking remortgage advice can therefore be beneficial financially.

Remember securing unsecured debt onto your property could put your home at risk of repossession, if you do not meet your monthly mortgage commitments.

Can I remortgage to pay off other unsecured debts?

Remortgaging could potentially offer some relief as a debt solution for people experiencing a certain level of debt. If you have owned your property for some time, it could be that the equity in your home is worth more than your outstanding unsecured debts.

If you’d like to find out more about remortgaging, please talk to your existing mortgage provider, or contact an Independent Financial Advisor (IFA) to discuss your options. To find an IFA in your area, visit www.unbiased.co.uk.

What if a remortgage isn’t right for me?

At PayPlan, we provide free debt help and advice – and access to a wide range of practical debt solutions that help people to deal with their debt and get on with living their life.

The best way to find out what makes us different is to call us free on 0800 316 1833 and have a chat with one of our fully trained advisers. They’ll listen to you and talk about you, your life, your debt and your aspirations. You’ll find them understanding of your situation and helpful in your search for a solution that’s right for you.

Call us today on 0800 316 1833 for a confidential, no obligation chat about your options. Or you can complete and submit our online Debt Help form and we’ll call you back.

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