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.
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For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
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.
