High risk consolidating mortgages

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Greater competition means interest rates have come down on second charge loans, but you should still expect to pay a higher rate than on your main or first mortgage.Contact a specialist broker, such as Fluent Money or Freedom Finance, which can compare all the deals on the market.Mortgage rules have become stricter in the past couple of years, with lenders applying tough 'stress' tests to make sure borrowers can meet repayments if interest rates rise.

She says: 'We take the time to understand the borrower's situation before making lending decisions.'More can be borrowed with a loan secured on a home than with an unsecured loan.If your issues are temporary, speak to your bank to win breathing space.But overdrafts can prove costly if you have persistent debt that you struggle to repay in full.It is important to weigh up the implications of this.While rates are often lower than on a overdraft or credit card, the term on a second charge loan, which can be up to 25 years, means the borrower will pay back far more interest over time.

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