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Debt consolidation. Borrowers with a number of different loans - usually which are unsecured (not secured on the property) - may find that they can replace these loans with a single loan secured on the property. This can often reduce the borrower's monthly outgoings by paying only one loan which is secured on the property, sometimes over a longer term.
As the loan is secured, the interest rate may be considerably lower. See Also:
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Last Updated: June 2007 © Moneyextra.com
MoneyExtra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.