Arrears consolidation - is this a no brainer?

al202020

Hi


I think the answer to this question is obvious but I would be grateful for any confirmation/advice.


We currently have ~£19k arrears (mortgage with Halifax), we agreed to pay £100 extra per month which would clear the arrears a year or so short of the remaining life of the mortgage.


They have said we are now eligible to consolidate the arrears meaning the new monthly payment would increase by £70 - so £30 less than we pay at the minute.


I haven't fully discussed the details yet with Halifax so....

This is a no brainer, right?
What questions should I be asking when I do discuss with them?
Is there a downside that I should be aware of?


Thanks for any advice.

Thrugelmir

No downside as such. Although the remaining £30 may not seem a lot. Using this to overpay the mortgage will pay dividends in the longer term. Providing a small degree of protection against the inevitable rate rises that are on the horizon.

al202020

Yeah, thought as much. Appreciate the response.