Remortgaging the answer to debt problems

We live in a world where credit cards, overdrafts and loans make spending effortless. Online shopping brings the high street into your home and every newspaper you read offers bigger and better deals on consumer items. In this situation, it is very easy to overspend and managing your personal finance can quickly become a nightmare if debt takes a grip on your life. One solution, available to homeowners in debt, is to re-mortgage their property and release some of the equity held in their house. This is actually a very straightforward process and, in many cases, can be completed in around two to three weeks.

Re-mortgaging can reduce outgoings, consolidate existing debts or even raise additional cash for ongoing projects. To start the ball rolling you first need to find a good Financial Advisor who can help you choose your best course of action. Finding a good financial consultant can be tricky, but if you look out for a independent consultancy which employs advisors who have completed the relevant CeMap (Certificate in Mortgage Advice and Practice) qualifications then you won't go too far wrong. This national qualification covers UK financial regulations and specialist mortgage knowledge and the advisor will have been thoroughly tested on their ability to give appropriate mortgage advice. Personal finance is a sensitive subject for many people so financial advisors often visit people in their homes.

A good advisor will be able to help you gain a thorough understanding of your financial situation and if a re-mortgage is the best option for you then they will be able to complete all the paperwork on your behalf. The first step is to find out if you qualify for a re-mortgage. Your financial consultant will begin by asking you some searching questions about your financial situation.

If you are worried and upset by debt then these questions may seem an imposition but rest assured, the consultant is just doing their job. All mortgage lenders will need up to date information about you and your circumstances before they will even consider a loan. However, if you deal with a reputable advisor then this information will remain completely confidential as the Data Protection Act specifically prevents the sharing of personal information without the subject's knowledge.

Re-mortgaging is subject to the usual 'terms and conditions' but these will be explained in depth by your financial consultant. Providing the re-mortgage is carried out with a reputable lender these terms and conditions simply protect both borrower and lender. A poor credit rating can sometimes be a cause for concern but it may not be a barrier to re-mortgaging. It is true that County Court judgements, payment defaults, mortgage arrears or a poor credit history can seem like insurmountable barriers but there are financial consultancies which specialise in helping people with a record of bad debt. They recognise and understand all the problems and can usually offer a range of workable solutions.

Possibly the most important thing to remember is that a good financial consultant should have the facility to ask all the UK lenders for their most competitive interest rates. Obviously rates will be based on your personal circumstances but it shouldn't take long to discover the very best option for you. Why not explore the potential for re-mortgaging today - it could make a lot of sense!.

The news is filled with items about the financial health of the world these days, but for some this a topic that is far closer to home than they would like. The author, Graham Baylis is currently working with Berkley Vittoria, a company dedicated to helping people sort themselves out, adverse or bad credit history remortgages being their speciality. See their site at

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