The Times - The race to remortgage has begun
Homeowners are using cheap remortgage deals to clear credit cards and car loans to make their monthly repayments more manageable.
The article highlights the average credit card APR rate (the rate offered to more than half of borrowers) is close to 20%. It also shows how lenders have different limits for debt consolidation limits.
Aaron Strutt, product director at Trinity Financial, says: “Our brokers have to conduct debt consolidation checks to ensure it makes sense to refinance.
“We have to justify the remortgage for clients if they have less than 12 months to run on a loan or a 0% credit card. For these clients, it may not be the best advice to repay the debts and spread the repayments out over a much longer term.”
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