One of the main reasons many people decide to turn to remortgage plans is for debt consolidation. And it is not difficult to figure out exactly why in fact, you could probably guess. After all, a remortgage allows you to get a new mortgage at a new lender with a new, much lower interest rate. So why would not someone want to take advantage of such a prospect?
For an example of an individual who could make great use of a remortgage, see Angies story below. Though the exact players are fictitious, the scenario is repeated throughout the globe day after day.
Angies Story
Angie is a divorced single mother of two teens who works two jobs, but still has trouble paying the mortgage and all her other bills. Though she received her house as part of her bitter divorce settlement, she sometimes regrets the decision not to move or sell the place. However, at this point, shed rather stay where she is so her children wont have to change schools.
Her credit card bills have been mounting, and though shes just able to pay off the interest each month, shes never been able to touch the principle balance. Though her credit history isnt that bad yet it was a little...