Increasing Your Mortgage to Pay Off Other Debts
Over the past 15 years or so, thousands of people in the UK have been advised to repay (unsecured) debts, such as credit cards, store cards and loans by adding them onto their mortgage loan.
Tempted by one simple, manageable monthly payment, this course of action will have led to a longer repayment term of the unsecured debts thereby increasing the total amount of interest payable.
Prior to advising on this course of action a mortgage broker/adviser is obliged to point out the disadvantages and risks associated, however, in many cases, this has not happened.
If you have been advised to consolidate your debts within your mortgage without being informed of the disadvantages and risks associated, then you may be eligible for compensation.
Learn more if you have been mis sold a mortgage.