Remortgaging may be useful for clearing outstanding debts, releasing equity or else for consideration as part of Payplan’s recommended debt solution.

What is remortgaging?

Remortgaging is when you replace an existing mortgage with a new mortgage without moving home. It might involve changing mortgage lender or opting for another product with your existing lender.

Remortgaging has been a popular way of reducing repayments and releasing capital and can be useful as a means of consolidating debts. Taking remortgage advice can therefore be beneficial financially.

Remember securing unsecured debt onto your property could put your home at risk of repossession, if you do not meet your monthly mortgage commitments.

Can I remortgage to pay off debts?

Remortgaging could potentially offer some relief as a debt solution for people experiencing a certain level of debt. If you have owned your property for some time, the chances are it could be worth more than your outstanding debt.

I’ve got a bad credit history – will I be eligible for remortgaging?

In the current economic climate, it’s reassuring to know that there’s a company with experience and expertise in sourcing appropriate mortgages or remortgages for people with credit difficulties or debt issues. Therefore, it makes perfect sense for Payplan clients to seek remortgage advice from their associated company Who’s Lending? who may be able to assist with a remortgage.

How could remortgaging with Who’s Lending? benefit me?

You might feel a bit overwhelmed by the choice of lenders and remortgages on offer. Payplan can refer you to their associated company Payplan Financial Services Ltd, who also trade as Who’s Lending? and are authorised and regulated by the Financial Services Authority. Who’s Lending? are whole of market mortgage brokers, who can give you advice based on your circumstances. It does not cost anything to receive advice and Who’s Lending? will only charge you a £499 administration fee upon successful completion of a mortgage.Call Who’s Lending? free on 0800 5870652 for an easy way to get mortgage advice from experienced professionals.

I’ve been told that remortgaging isn’t a possibility…

Even if your current circumstances mean that remortgaging is not possible, this is something that Who’s Lending? can advise on for the future. However, you should still get advice about your finances if this option is not available to you.

Our experienced team specialises in debt advice for all situations. You may find that a free debt management plan or an Individual Voluntary Arrangement (IVA) will help you deal with your underlying debt problem.

For more information about property related finance, including mortgage arrears, mortgage advice, negative equity and repossession, see the links below:

• Step by Step Mortgage Arrears and Repossession Guidance
• Mortgage Guidance and Debt
• Further Mortgage Arrears Guidance
• Guidance about Mortgage Shortfalls
• Guidance about Negative Equity

If you are concerned about repossession contact your lender directly.

This information is provided by Payplan.

For further information please contact the Adviceline.