Our debt consolidation loan calculator starts by asking you to list the credit items and other debts that you would like to clear.
There are 3 boxes per item:
We suggest that you start by listing all your items of credit, for example bank loans, credit cards, overdraft facilities, personal loans, car finance, store cards, store finance facilities, hire purchase and any payday loans.
You can also add in any bills, such as tax bills, or other debts that you may want to clear up such as arrears on utility bills like gas and electric.
Once you have listed everything, go through the list and decide which items you would like to clear with a debt consolidation loan and which you would like to leave in place.
For example, you may not want to clear credit card balances that have some time remaining on an interest free offer, or other items that are only being charged a small amount of interest.
We have added a ‘delete item button’ so that you can easily remove any items that you decide not to consolidate and leave in place.
Press the ‘Add Another Item’ button to add more items to consolidate.
As you add ‘items’ their balances are added together and displayed under ‘Total Balance Outstanding’, along with their combined ‘Total Monthly Repayment’.
Do you require any additional funds?
Once you have entered all the items that you wish to clear you can also add in any additional amount that you may wish to raise.
The debt consolidation calculator will then provide you with a ‘Total Loan Amount’ which is the total consolidation loan amount required.
Details of your home property
Our debt consolidation loans are secured on your home, and the interest rates vary with loan to value (LTV). The lower the loan to value then the lower the interest rates that are available.
Please enter your estimated value of your property in the ‘Value of Your Home’ box, together with the amount outstanding on your mortgage in the ‘Your Mortgage Balance’ box.
Finally, please select the ‘Financial Details’ boxes that are most suited to you. Again the interest rates available do vary according to your credit history.
Once you are happy with your selections, please click the ‘Calculate’ button.
Results are instant and you will see your results page which is divided into 3 sections:
This brakes down the loan facility
This displays loan term options ranging from 3 years to 25 years.
The monthly repayment is displayed for each year along with the total payback figure and the APRC (Annual Percentage Rate of Charge).
Please note: These figures assume the loan runs full term and interest rates remain unchanged throughout the term of the loan.
There are two buttons at the bottom of the results:
Print Results – You can print the calculator results
Email Results – You can email the calculator results to yourself
The Debt Consolidation calculator will provide you with an overview of the various costs and interest rate charges associated with the loan.
It will provide figures based on our most popular plans and the level of accuracy of the quote will depend on the figures and information that you have input.
|Total Balance Outstanding Total Balance Outstanding - This is the total amount owed based on all the items that you listed rounded up to the nearest £100.||£ 0|
|Current Total Monthly Repayments Current Total Monthly Repayments - This is the total amount of your monthly repayments for all the items that you listed.||£ 0|
|Additional Funds Additional Funds - This is the amount of additional funds that you requested.||£ 0|
|Total Loan Amount Total Loan Amount - The Total Loan Amount is made up of the Total Amount Outstanding + Additional Funds.||£ 0|
|Loan To Value (LTV) Loan To Value (LTV) - LTV is based on the value of your home and the proportion of finance secured on it when the outstanding mortgage balance is added to the proposed new loan (Total Loan Amount).||NAN %|
|Annual Interest Rate Annual Interest Rate - This is the annual rate of interest for the debt consolidation loan.||6.5 %|
|Broker Fees (5%) Broker Fees - This is the amount of the broker fee. We charge 5% of the loan amount required, which is capped at £1,950. The broker fee is added to the Total Loan Amount together with the Lender Fee to give the Gross Loan Amount.||£ 0|
|Lender Fee Lender Fee - The Lender charges a fee. This is added to the Total Loan Amount and Broker Fee to give the Gross Loan Amount.||£ 595|
|Gross Loan Amount Gross Loan Amount - This figure is the amount of the whole loan facility. It is made up of the Total Loan Amount, which is basically what is released to you the borrower, but also includes the Broker Fee and Lender Fee.||£ 595|
|Term||MonthlyRepayment||Total Payback(if full term)||APRC|
|3 Years||£ 18||£ 657||inf%|
|4 Years||£ 14||£ 677||1046352356245736222642111392193543795008292871469698967490791147386806330592927111570407629209865985205004246864599270412519699788730721304475508267485800572518533469462603948888200666419798046325013749095640890073486336445774921707294320571806197418405524503736136781339220246528.0%|
|5 Years||£ 12||£ 699||32826649652578677318009712687969700624727688059520722451978132864781759774265898221257925788982801894014973110874707821739636363212520338002406182422490483767493438451215260960798057292090813619507906398448134092679796490240.0%|
|6 Years||£ 10||£ 720||inf%|
|7 Years||£ 9||£ 742||inf%|
|8 Years||£ 8||£ 765||350830149473818444457236253390461922847542090750778974261936303419468364294391449940152905187421985164456760648430599579623082816712406400361576042522229263887113530089147687526040689487477877160474879406314824340143227190748775121672233498300803872299415969889192992624894541824.0%|
|9 Years||£ 7||£ 787||51928416152696400028103452659554068013619762935712356460355189249982442036221923291465275680234374011333951064592130378618492759875145759303279869909846666618505794709043570028845927458642911226232628101044259884753676989161705704547919148657672192.0%|
|10 Years||£ 7||£ 811||11260271947427276023078282669808646888587070408056395662990177764944207939770638579295990737985613361099927515535277618892360916768515174969606403522960572272509481396425508874300418797998816976940235218184865901439247974400.0%|
|11 Years||£ 6||£ 834||inf%|
|12 Years||£ 6||£ 858||inf%|
|13 Years||£ 6||£ 883||inf%|
|14 Years||£ 5||£ 908||inf%|
|15 Years||£ 5||£ 933||129511822472153762187215840222080864435493926665781424725576134991599816005412307917586345424197044150716342873855136867100852819084884137315382064836743851124146896588086287417228491537684701461607331631288898374310474279661774354852604615970334060499614435575613752119454659082659571594701045760.0%|
|16 Years||£ 5||£ 959||41082007471743134189236867277960324556763115558281489817924066715315539947321769135662621071454213900524276796749657236665680171823700801578671283314340347844874194706411886838668046750096041077771607109871139071076954653194411707245463972227717181584510650473530934920243838976.0%|
|17 Years||£ 5||£ 985||1948968502739203291126932926136075548063166707888953005341019946699776830199632259087767163051737844903351054283764222726606554493040622901973369617044419293771661834720516111759944664671102367401111060030484677067285938282772573663932085632543359201109436530688.0%|
|18 Years||£ 5||£ 1,011||6014346834896583985056749539526245786033308540818160477557885548311881296341807155312791989531089508800153934814609721366523306435374812038043895612020292391147641195332377147808774226234529602766071541149505078873374392589905270656447282310807552.0%|
|19 Years||£ 5||£ 1,038||624716728725402874672611494546976535533086641952991674006770260304296048561435189420023144355171085453242768441415253125066621601468747247571724196146402802146249352235739922870923076534611797599097337441111845560414610891516701310976.0%|
|20 Years||£ 4||£ 1,065||1288838135250656966855125730421414287064925366176413973241718227614650497778914495007134801715052907889262544209566716981606837386866460718130307212720871182549248681358441157292334988515591021808416779856488939956249559040.0%|
|21 Years||£ 4||£ 1,092||inf%|
|22 Years||£ 4||£ 1,120||inf%|
|23 Years||£ 4||£ 1,148||inf%|
|24 Years||£ 4||£ 1,176||inf%|
|25 Years||£ 4||£ 1,205||inf%|
The minimum you can borrow is £5,000
Please update the amount you wish to borrow.
At KIS Finance we can provide debt consolidation loans that are secured against the available equity in your home as a second charge mortgage. This means that you can transfer your current debts to a lower interest product, allowing you to reduce your monthly outgoings.
We have access to the best interest rates and secured loan lenders, and our broker fees are the lowest on the market.
Using a secured loan for debt consolidation purposes offers a number of important advantages over an unsecured loan or re-mortgaging as a method of consolidating debts and other finance agreements.
Debt consolidation loans can be used to clear the following types of debt:
A debt consolidation loan allows you to move all of your outstanding debts to one place by transferring them to a single and more convenient loan facility.
The new loan can be used to pay off your outstanding credit card balances and other unsecured debts, as well as raising funds for other purposes.
You can then pay off the new loan facility in affordable monthly instalments, over a term of between 3 and 25 years. You also have the option to make capital reductions (make extra payments) along the way or just repay the loan early.
This can make managing your debt much easier as you will be consolidating all your debts, or a large proportion of selected debts, into a single, and in most cases, much lower, monthly repayment.
Our debt consolidation loans will be secured against property, which in most cases will be your home.
Debt consolidation loans offer a number of different benefits, however there are also a couple of things that you need to be aware of. Whether a debt consolidation loan is right for you is dependent on the type of credit that you want to clear and your overall financial situation.
At KIS Finance, we will assess your full financial situation and conduct an affordability assessment before making any recommendations. We will always ensure that we are putting you in a better financial position before recommending any loan facilities, and specifically when you are consolidating debts with a secured loan.
Debt consolidation is simply the process of clearing your existing debts with one loan facility. Here’s how it works:
Add together all of the outstanding credit facilities that you want to repay – this could be personal loans, credit cards, payday loans, overdrafts, car finance and even bills. This is the amount that you’ll need to borrow to clear your debts. If you need to borrow additional funds for any other purpose, then this can be included too.
Once the new facility is in place, this will be used to pay off your existing debts. Most debts will be cleared by the new lender directly to make the process as quick, easy and stress-free as possible for you.
The new loan will be paid back in affordable monthly repayments, over a pre-agreed term. Having one lower monthly repayment will make your debts much easier to manage.
When considering whether a consolidation loan is the right option for you, you need to consider:
You need to be able to afford to make your mortgage payments, your new loan payment, any other loans that you have and are not being cleared, as well as being able to live, pay bills, buy clothes and food. As part of the process of applying for a debt consolidation loan we will take you through an affordability check to ensure that you can afford to take on the new payments.
You also need to be sure that you can afford to make the monthly repayments not only now, but in the future, particularly if interest rates were to go up.
If your job is not secure, you should look at other options, for example contacting a debt advisor or contacting your creditors to come to an arrangement that you can afford, and they will accept.
Will a consolidation loan provide a better option for you in your current situation? You need to consider the advantages of making a significant reduction to your monthly outgoings compared to possibly having to pay back a larger amount in total by extending the term of your borrowing.
To get the best deal on a debt consolidation loan you will need:
Equity in your home
This is the difference between the value of your home and the amount outstanding on any mortgages or loans secured against it.
For example, if a property is worth £500,000 and it has a mortgage on it with a balance of £200,000, then it has (£500,000 - £200,000 = £300,000) £300,000 of equity available in it. This is sometimes referred to as a percentage. In this example there would be 40% equity in the property.
If you are looking to take out a secured loan the balance of your mortgage added together with the consolidation loan, should be no more than 100% of the value of your house. The best rates are available for loans up to 75% Loan to Value (LTV).
A poor or bad credit history will not prevent you from having a debt consolidation loan. However, it will affect what plans are available.
The more poor credit accounts that you have, then the greater the risk you will be deemed to be by the lender. The greater the risk, the more chance there is that you may default on the loan and cost the lender money. It works in the same way as car insurance, in that greater risk means higher costs, so in terms of a consolidation loan, the interest rate will be higher.
While it’s true that you may not be offered the best rates and products on the market, we have providers that are able to offer facilities to people who require a little help in getting their finances back on track. Taking out a debt consolidation loan, and keeping up with the repayments, may also help to rebuild your credit profile and hopefully give you access to better rates and terms in the future.
We can offer consolidation loan products in the following situations:
We have access to all debt consolidation secured loan plans and will find the best deal for you on a loan plan that best fits your circumstances. You may have already used our debt consolidation calculator which will have provided you with a guide to costs.
When you take out a secured loan through KIS Finance, there are no upfront costs involved. This means that there is no financial commitment required at any time throughout the application process.
The fees involved in setting up your secured loan will be added to the loan facility instead and you will pay them as part of your monthly repayments.
The set-up fees (which will be added to the loan facility) are:
This is a fee charged by the lender for setting up and arranging your secured loan. This may also be referred to as an Administration Fee or Acceptance Fee.
This fee is charged by us for acting as your broker and adviser, in setting up and arranging your secured loan with the lender who offered the best deal or most suitable option, based on your individual circumstances and requirements.
At KIS Finance, we pride ourselves in charging the lowest broker fees on the market. Our fee for arranging a secured debt consolidation loan is just 5% of the net loan amount, capped at £1,950.
In the large majority of cases, there will be no requirement for a property valuation to be conducted. Most lenders use what’s known as an AVM; an online valuation. When an AVM is used, there are no costs involved.
In a very small number of cases, a drive-by or full property valuation may be required. This may be if you’ve done a lot of renovations to your home and significantly increased the value since you bought it. In these instances, the valuation fee will be taken out of our broker fee so there will be no additional costs for you.
Please note: these are the only costs that will be involved when you take out a secured loan through KIS Finance. Be aware that other costs may be involved if you go through another broker or deal with a lender directly.
At KIS Finance, our aim is to make the process as hassle-free and as simple as possible for you. We will put everything together on your behalf, and we will be right by your side helping you every step of the way.
Don’t worry if you are not sure if a debt consolidation loan is right for you, our hugely experienced consolidation loan expert, James, is here to help. James will be happy to guide you through your possible options.
James will also advise you if a debt consolidation loan is not a suitable option for you, or if indeed there is another better option that would be more suitable.
Our advisors are finance experts, they are not salespeople. Therefore, you won’t ever experience pressure sales from us. We just discuss and provide the best possible options and then leave it to you to decide if you want to proceed with us.
Debt consolidation means clearing all of your existing loans and credit cards with one loan facility. This will make managing your debt easier by moving everything to a single, and usually lower, monthly repayment.
In the initial application stages, a soft credit search will be conducted in order to issue tailored quotations. This will not show up on your credit file and will not affect your credit score. If you decide to proceed with the full application, then the lender will usually conduct a hard credit search before the loan facility is paid out.
When you decide to proceed with taking out a debt consolidation loan, the lender will conduct a hard credit search before the funds are released. This will show up on your credit file and could temporarily lower your score. However, keeping up with the repayments and evidencing that you can manage a secured debt will eventually improve your credit profile and may give you access to better borrowing options in the future.
Consolidating your debts can offer many benefits, including reducing your monthly outgoings, making your debts easier to manage, reducing the cost of borrowing, and improving your credit profile and overall financial health.
Debt consolidation could be ideal for you if you have several high interest loans and credit cards and you are looking for a way to make these easier to manage. Consolidating debts to a lower interest product can also reduce your monthly outgoings and save you money in the long run.
Yes, you may still be able to get a secured loan if you are on benefits and have no other employed or self-employed income.
Terms of 3 years to 25 years are available for secured debt consolidation loans.
The minimum loan amount is £5,000 and the maximum that you can borrow is largely dependent on the value of your property and the amount of equity you have available. Your level of income will also be taken into consideration. Currently the maximum consolidation loan size is £2.5 million, if available equity, credit history and affordability all stack up.
We can offer debt consolidation loans even if you have a history of poor credit.
We are an FCA (Financial Conduct Authority) authorised and regulated financial broker, and we only deal with secured loan lenders who are also regulated by the FCA.
However, taking out a secured loan is a financial commitment which must be considered seriously. Failing to keep up with the repayments on a secured loan may mean that your home is at risk of being repossessed. However this is in extreme cases and every effort should be made to come to another arrangement first.
Last updated: 22 November 2023 | © KIS Bridging Loans 2020