If you would prefer a single – and potentially lower – monthly repayment, we could help. You could use the equity you’ve previously built up in your home to pay off your existing unsecured debts, even if you already have a mortgage on your home. Remember: depending on the rate and length of the loan you use to consolidate your debt, you may end up repaying more in total.
Life doesn’t stand still and your credit rating is just a moment in time. We appreciate your employment status may have changed, or you may have had to use payday loans to help manage your money. This doesn’t mean you're automatically excluded from borrowing with us.
At Together, we get to know you and your circumstances – not just your credit rating – and always do the sums to check you can afford the repayments after paying off your other debts.
We can lend in many cases that mainstream lenders can’t.
Do you want to quickly understand the potential cost of your mortgage?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Calculate costsA debt consolidation loan allows you to combine all of your existing debt into one loan. If you’re making a number of monthly payments to varying credit cards, overdrafts or other loans, combining them into one single payment may allow you to keep a better track of what you owe, and may allow you to pay less overall interest at a lower rate.
The loan will give you a lump sum to pay off your existing debt, whether that be from an overdraft, personal loans or credit cards. Once you’ve done that, you’ll have a fixed amount of time to pay off the debt consolidation loan, but you’ll only have to make one payment per month.
For example: A mortgage of £85,000 payable over 21 years, initially on a fixed rate for 2 years at 10.55% (and then on a tracker rate for the remaining 19 years at 2.0% above the Together Homeowner Managed Rate (THMR) would require 24 instalments of £854.58 followed by 228 monthly payments of £865.74 plus a redemption administration fee of £110.00. Read more information on THMR.
The total amount payable would be £218,008.64 made up of the loan amount (£85,000) plus interest on the loan (£209,286.94), arrangement fee (£1,495) plus interest on this fee (£2,226.70) and the redemption administration fee (£110.00).
The overall cost for comparison is 11.5% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
Consolidating unsecured debt through secured lending could increase the total amount you pay back. Any property used as security, including your home, may be repossessed if you do not keep up repayments on your loan or any other debt secured on it.