With the increase in house prices many homeowners can release substantial equity from their properties by re-mortgaging. Although this may increase your monthly outgoings it will also release cash to pay off your debts.
By switching to a different mortgage lender you can often save money by reducing your interest rate, and therefore your monthly outgoings. Make sure that you check your current policy as some lenders will charge a redemption fee if you change mortgages within the first few years of taking one out.
By changing from a repayment mortgage to an interest only mortgage you can cut down your monthly outgoings, although you will have to set up your own repayment vehicle to pay off the capital when it becomes due.
By taking a 'payment holiday' or extending the number of years on your mortgage you can save money in the short term.
If you previously had adverse credit you may be able to switch from an adverse credit mortgage (sub prime mortgage) to a prime mortgage, on a considerably lower interest rate, thereby reducing your monthly cost.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.