Remortgage Example
16 September 2008
This typical example combines loans, releases €20,000 towards home improvements and significantly reduces monthly outgoings. The new mortgage in our example below is over 20 years.
In general, loan consolidation remortgages are only available where the new mortgage is equal to or less than 80% of the current value of your property.
Some lenders will split the term on a remortgage so that you can pay short term loans over the same period but at mortgage rates.
Example Remortgage
| Loan Type | Current Balance | Current Repayments | Years | Typical APR |
| Mortgage | 120,000 | 695.00 | 20 | 3.5% |
| Car Loan | 15,000 | 470.00 | 3 | 8.50% |
| Personal Loan | 10,000 | 254.00 | 4 | 10.60% |
| Credit Cards | 3,600 | 200.00 | 16.00% | |
| Total | 148,500 | 1,619.00 | ||
Remortgage with €20,000 equity release
| Loan type | New Balance | Monthly repayments | Term | Typical APR |
| New Mortgage | 168,500 | 917.72 | 20 years | 2.8% |
WARNING: Debt Consolidation Mortgages:
If you extend the period of your mortgage you will pay more interest. If you consolidate short term debt you will also pay more interest.