The United Kingdom has an economic system with slight differences to the US. Despite these differences the UK has been hit just as hard as the US regarding the subprime mortgage crisis and resulting recession. If you live in the UK you have the option of getting help with your debts. These solutions are not a magical fix. Instead debt consolidation mortgage UK is a last resort solution. You need to attempt to find other choices before you obtain a debt consolidation mortgage UK.
With a debt consolidation mortgage UK you are pulling equity out of your home. This can be done in a home equity loan or primary mortgage. In either instance your home is going to be collateral for the loan. Furthermore, if you default on the mortgage you could lose your home.
Like the US the debt consolidation mortgage UK is based on the equity you can pull out of your home. If home valuations have dropped in your area you may be in a situation of negative equity or at least low equity. In this situation a debt consolidation mortgage UK is not an option. No bank will lend 100 percent of your home value right now. The housing prices in some locations are still dropping. It is also a high risk to offer 100 percent mortgages.
Instead banks are willing to provide you with a refinanced mortgage or a home equity loan for less than you might need. If you cannot pay off all of your debts you have a decision to make. Is it possible to pay more than 50 percent of your debts off? If you pay these debts off can you afford the new debt consolidation mortgage UK? If you answer yes to both these questions begin seeking a bank or lender that can help you. The UK has non- profit and government based organizations for debt management. These companies can point you towards the right solution for your financial situation. They may be able to find you the lender willing to give you the mortgage you require.