August 24, 2006 11:36 PM
Different Types of Debt Consolidation
Ever wondering which path of debt consolidation you should take? Let's start by exploring the different types of debt consolidation in the market.
• Unsecured loans, where you go to a bank or another lender and borrow a sum of money to pay off all other loans. Because the loan is unsecured, you do not risk losing your home in the event of a default.
• An advance from an existing mortgage provider secured against property, but leaving the original mortgage intact. You are simply borrowing more money form the same lender and your home is as much at risk as it was before.
• A “second charge” mortgage (a loan secured on property, from a lender other than the existing mortgage provider, that leaves the first charge mortgage in place). Here, the second charge lender waits in the queue in the event of a default and grabs its slice of debt after the “first charge” lender has been paid back.
• Re-mortgaging a property and borrowing more in the process. You go to a new lender and borrow more money, based on the rising equity in your house. Here, there is the potential to get a better deal at the same time.
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