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With living costs rising across the UK, many homeowners are feeling the pressure of credit cards, loans and other monthly repayments. If you’re juggling multiple debts, it’s natural to wonder whether rolling them into your mortgage could make things more manageable.
That’s where mortgage debt calculators can help. They give you a clear picture of what your new monthly payment might look like and whether consolidation is realistic for you. You can try our debt consolidation calculator to get a firm idea of how much money you can save and understand your options before speaking to a mortgage advisor.
This guide will explain what a mortgage debt calculator is, the different types and how to properly understand your results to see how much debt you can afford.
In simple terms, a mortgage debt calculator is an online tool that estimates what your mortgage payments could look like, as well as showing the estimated costs of consolidating all your debt into one new monthly mortgage payment.
However, it’s important to understand the difference between the two types of mortgage calculators:
These free tools give you an early idea of how manageable your repayments might be. This is known as affordability modelling, but the figures you see are only rough estimates. Mortgage lenders have their own affordability rules and checks, so the final amount you can borrow will likely differ from what the calculator suggests.
Debt consolidation through a mortgage means combining unsecured debts, such as credit cards, personal loans, car finance and store cards, into your mortgage balance.
A debt consolidation calculator works by adjusting several important factors.
Remember, calculator results can be useful, but they are estimates rather than guarantees.
It’s also crucial to understand that every mortgage lender applies detailed affordability checks before approving a loan. They will review your income, spending and credit history, in addition to your property value and LTV ratio. As interest rates change over time, which can affect the final repayment, lenders will also stress test your finances to see if you can still afford payments if interest rates rise.
You should very carefully consider whether debt consolidation is the best route to take, as it comes with both pros and cons. Consolidating a debt into a mortgage can extend the repayment period. This is a benefit because monthly payments will likely be lower, but it also means you could end up paying more interest overall, making it a big drawback to consider.
Because of this, getting professional advice from mortgage consolidation experts like the team at Proper Advice.
We always tell people, just because you can consolidate debt into your mortgage, it doesn’t always mean you should. We recommend consolidation when you have multiple high-interest debts that are difficult to manage, and they’re putting major pressure on your budget. Rather than juggling multiple monthly payments, you can simplify your finances into one payment, making things far simpler.
However, there are important risks to consider. Short-term debts like credit cards are often designed to be paid off relatively quickly. Moving them into a mortgage can turn them into long-term debt lasting decades.
Online mortgage debt calculators are a great starting point and give you an instant estimate of payment and consolidation options. But they can’t replace personalised advice.
It’s helpful to seek help from a mortgage adviser if your income is complex, with many self-employed or those with multiple income sources relying on expert support. Advisers can also provide realistic options if you have adverse credit, such as missed payments, your LTV ratio is high, you want to consolidate large debt balances or you’re unsure whether the new repayments would truly be affordable.
An adviser can assess your full financial situation, explain the risks and help you decide whether consolidation is the right option for you. At Proper Advice, we can support you and provide the advice and services you need.
Could a debt consolidation mortgage work for your financial situation? Use our free calculator tool to get an instant estimate of how much you could save. We’ll also get in touch with you to discuss your options. If you choose to proceed with consolidation, our services include handling the whole process, including checking what lenders will offer you, completing all paperwork and rolling your unsecured debts into one simple payment plan. Contact us today.
Think carefully before securing other debts against your home. The overall cost of repayment of other debts might be more when added to your mortgage. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.
