“It shows that people are doing so using a financial mechanism that will hopefully help them gain control of their finances once and for all.”
Our Hodge inhouse data found that the number of people using funds from their 50+ mortgage for debt consolidation has doubled. Between January and July in 2023, 14% of customers told us the purpose of the mortgage would be for some form of debt consolidation, up from 7% over the same period the previous year.
In correlation, the office of national statistics (ONS) reported that one in five homeowners with a mortgage have borrowed money for debt consolidation. And some people are turning towards the equity in their homes to support them.
As the UK struggles with the current economic climate, …
Read the full article at: https://www.financialreporter.co.uk/blogs/people-using-funds-from-their-50-mortgage-for-debt-consolidation-is-increasing.html