"Starting to feel there's a light at the end of the tunnel, thank you"
Mr G., Oakwood, Derby
Taking into account your existing debt and liabilities is an essential aspect of assessing whether your mortgage payments will be affordable when it comes to arranging a new mortgage!
So on this page, we take a look at why it's vital to prepare a financial budget for use after your mortgage has completed, which will take into account your existing debt and liabilities to ensure the payments on your new mortgage are affordable. We also provide details and information as to how we can help with a mortgage or remortgage.
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So, when you're arranging a new mortgage, it's imperative to remember, amongst all the other things you have to do, that you should ensure you have prepared your financial budget that will operate when your mortgage has completed, which takes into account your existing debt.
The principal aim is to confirm that your commitments are affordable. Obviously, your lender will play a major part in applying their income multipliers. However, it is your responsibility to ensure that your new mortgage is within your means.
Yes of course, we most certainly can!
Infact, this aspect is all part of our personal service when we arrange a mortgage or remortgage for you. We will carefully examine and review your financial situation and your mortgage requirements. This process will involve checking your existing debts and liabilities, and testing their affordability once your mortgage has completed, taking into account any potential increase once a special deal, such as a fixed rate, has expired.
It may be that you will need to consider restructuring some of your outstanding credit commitments to ensure the ongoing affordability of your new mortgage and other liabilities. The prudence of refinancing your existing liabilities and consolidating debt will depend on many factors. Obviously in order to provide advice and make any form of recommendation, one of our professionally qualified Advisors would need to carefully assess your needs, circumstances and aspirations. Amongst other facets, we will take into account your income and present outgoings, the extent and type of the credit you have outstanding, the interest charged, and penalties for early settlement.
However, it should be remembered that consolidating debts in this way could increase the term and total amount payable, as well as converting unsecured borrowings into secured debt.
Nevertheless, if the most suitable route is consolidating your existing liabilities and debt by raising additional funds at the time you are arranging your new mortgage, then the Advisor will generally ensure that, wherever possible, there is a degree of flexibility built in so that you can step-up your mortgage repayments in future so that you may discharge your mortgage more quickly, thereby reducing the term, and ultimately the interest you would have to pay!
We would be delighted to assist in any way we can!
Please contact one of our specialist mortgage advisors, and we'll be happy to discuss your circumstances and the options open to you. We'll carefully assess your situation and provide you with advice and a recommendation. You'll find our approach to be friendly, yet professional and you are assured of a warm welcome.
Our Freephone line 08000 282 281, is open 7-days a week until 10.00pm (including Saturdays/Sundays!), and the call is free and naturally without any obligation, alternatively you can also enquire online at any time! We'd love to hear from you!
Hopefully you are now more 'in the picture' with regards to existing debt and liabilities, and why it is important that these aspects are taken into account when calculating the affordability of your repayments on a new mortgage. Don't forget we're only ever a free phone call or a couple of mouse clicks away should you require our help, so why not get in touch? We think you'll be glad you did!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
