Consolidating debt in mortgage is 'expensive mistake'

The online firm says homeowners looking to transfer debts racked up on credit cards, bank loans and overdrafts to their mortgage risk getting sucked ever deeper into a debt quagmire. Richard Brown, Moneynet chief executive, says: “Whilst including the consolidated debt in your mortgage can look attractive, in the long term it could prove to be a very expensive mistake.” Moneynet warns with further Bank of England base rate rises predicted - some commentators suggest climbs to as much as 8% - borrowers could be saddling themselves with a much bigger debt than they can manage. Brown says m...