Thinking of Borrowing more money?

February 25, 2010

If you are struggling to pay your mortgage, you may be tempted to pay off your mortgage arrears, your other debts and get extra money to deal with future problems by arranging a second mortgage or getting a secured loan – but these options will simply increase your overall debt.

If your problems stem from the fact that you are on a low income, borrowing more money is not the answer & is also likely to increase your debts and your difficulties in repaying them in the long-term.
You can also arrange to switch lenders (re-mortgage). However, you may be faced with higher interest rates, which means larger monthly payments, large arrangement fees which are added to the loan, and a shorter period to pay off the loan. If you fail to pay what is due, your home is at risk. You should therefore always get advice before trying to borrow your way out of difficulty.
There may be other ways to reduce the amount you pay each month, particularly if your problems are only temporary (eg because you will be starting a new job soon, or you are trying to sell your home and move somewhere more affordable).Always contact your Lender to see if they can help you in any way!
If you feel your problems are long term, then please call us here at Equity fast to see where we can help you with that very much needed house sale. Freefone 0800 0122829

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