Think carefully before securing other debts against your home
Your home may be repossessed if you do not keep up repayments on your mortgage.
By consolidating your debts into a mortgage, you may be required to pay more over the entire term than you would with your existing debt.
Debt consolidation is when you move some or all of your existing debt (usually unsecured) from multiple accounts (such as credit cards and loans) to just one account. To do this you’d pay off – and potentially close – your old accounts with credit from the new one. Your debt won’t disappear, but it will all be in one place. Your new debt is usually secured against your property by remortgaging your existing property or getting further advance on it or having a second charge on your property.
Debt consolidation mortgages are a type of remortgage that lets you use the equity in your property to pay off any debts you owe elsewhere and then move them onto a single mortgage deal. To put it another way, it is debt consolidation with Home EquitSo in some cases, debt consolidation mortgages can simplify your repayments and reduce your amount of debt overall. It’s not for everyone.
Should I get a debt consolidation mortgage?
This is a personal choice however there are pros and cons you need to consider before you make a decision;
A further advance is additional borrowing from your current lender and allows you to borrow more money against your home. The interest rate charged on a further advance is usually different to your original mortgage loan.
A further advance can be a useful option for a borrower if they do not wish to remortgage or switch to another lender and the rates offered for a further advance may be more competitive than other types of loans such as credit cards. If you are currently tied into a product then a further advance can allow you to borrow more without facing hefty early repayment charges.
There may be several reasons why a borrower might consider needing a further advance, such as raising a deposit for a second property or home improvements.
We do not offer second charge services personally but we can refer you to our third party who will be happy to help you.
Fill out our contact form below and one of our experienced mortgage advisors will get in touch with you to discuss your specific needs and help you find you the best mortgage.
Robi Finance Ltd
4 Pelham Court, Cambridge CB4 3TD, Tel no: 01223 560 472 – 07956827018, Email: [email protected]
The company is registered under Reg No:14639627 in England and Wales.
Robi Finance Ltd is registered with the Information Commissioner’s Office under registration reference: ZB477056 Copyright © 2021. All Rights Reserved.
Robi Finance Ltd is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the financial services register (https://register.fca.org.uk/s/) under reference 995310.
The FCA does not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.
Not all services we offer are covered by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The information, advice and/or guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
A fee will be payable for arranging your mortgage with Robi Finance Ltd. The amount of the fee will depend upon your circumstances. Your consultant will confirm the amount before you choose to proceed but we estimate it to be around 0.65% (min £499). The initial consultation is free.
Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive a commission from them after the completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commissions at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
How To Make a Complaint: It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to; Compliance Department; Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call: 01708 676110. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk.
Our Privacy Policy I Connect IFA Private Policy I Our Terms of Business
Copyright © 2025 Robi Finance Ltd. All Rights Reserved.
