If you own property, you may be able to consolidate debt through mortgage refinancing. Mortgage refinancing has lower interest rates than personal loans, credit cards or payday loans. Mortgages have the longest term of any loan, with repayment periods of up to 30 years.
Obviously, mortgage refinancing requires sufficient equity. Mortgage refinancing also requires a good credit history, and there may be fees to pay.
For those with bad credit history, a variation of a mortgage refinancing options are also available. These are referred to as non-conforming loans.
Non-conforming loans are specifically designed for those with bad credit history. A mortgage refinanced under a non-conforming loan usually has higher interest and fees than regular loans.
Mortgage refinancing is one option in a range of debt solutions. For information on the range of options available, take a look at our Debt Solutions page. You must determine whether the information is appropriate in terms of your particular circumstances.
NB: Beyond Debt is not a lender. We do not provide mortgages. We can assess the suitability of several debt solutions for those experiencing difficulty with their debts.