Pre-Mortgage Illustration Debt Consolidation Video
Welcome to our in-depth exploration of the Pros and Cons of a Secured loan. Watch the video to gain a comprehensive understanding of the advantages and considerations associated with secured loans.
Thank you for choosing Evolution Money to help you achieve your financial objectives. Debt consolidation is a big decision and there are some things to consider. There are three main advantages of debt consolidation:
- Combine all your debts into one manageable repayment.
- A single repayment could reduce your monthly outgoings.
- By making consistent payments you can regain control of your finances, improve your credit profile and work towards becoming debt free.
However, there are some risks to consider:
- It could extend the time it takes to repay your debts, therefore you could end up paying more overall.
- You may be securing unsecured debts against your property, so if you don’t keep up with your repayments your property could be at risk of repossession.
Our adviser should have now sent you a mortgage illustration and explained next steps, which you need to carefully consider ensuring you make the right choice for your personal situation. If you have any questions speak to our helpful underwriter team and thanks for choosing Evolution.
Recommended videos
Why Choose Evolution Money
Curious about what sets Evolution Money apart? Explore our ‘Why Choose Evolution Money’ video to learn more about our values, commitment to excellence and how we tailor financial solutions to your needs.
Evolution Money Loan Process
Navigating a loan process can be overwhelming. Our ‘Evolution Money Loan Process’ video breaks down the journey, offering a step-by-step guide to make your experience seamless.
Settlements ERC Explainer
Understanding your ERC can be confusing. Our ‘Settlement Early Repayment Charge’ video will help you break this down offering you clarity.
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
