Refinancing / Debt consolidation
Refinancing and/or with debt consolidation
Managing the amount of disposal cash you have is a daily occurrence.
Sometimes it is economical or a necessity to join all your loans into one.
Our business certainly ensures that it will be a benefit to you before proceeding.
To assist, all lenders will consider refinancing your home loan and/or topping it up, to payout out other unsecured consumer loan products such as credit and store cards and personal loans.
And sometimes adding a little more for; home improvements, an additional car or to cover a proposed holiday.
First tier lenders will not consider any portion of home loan funds to be used to fund a business loan or debt. Whereas second tire lenders who will consider such proposals.
You will find if your proposal sees the total new loan required to exceed 80% of the lender valuer’s market estimate of your mortgaged property, then the lender’s mortgage insurer will restrict the number of loans it will refinance.
This restriction is one home loan plus four other debts.
Sometimes a one-off event has placed you in a disadvantaged position, creating loan arrears and defaults. Not enough for the lender to foreclose but they just want you to move on.
There are lenders who consider these situations to allow you to get back on your feet and re-establish your credit rating.