The Scarborough’s ‘Clink, Clink Fizz’ For New Year Debt Hangover

Press release published January 2006 by Scarborough Building Society

Scarborough Building Society is offering to help find a range of painless cures for those suffering a post-Christmas financial headache.

The Society is offering free mortgage advice to anyone seeking to use their home loan as a cost effective route to getting their finances back under control.

With an eye-catching poster and advertising campaign, the Society is urging people to see debt consolidation or cashback as a possible way of both freeing up much-needed cash every month and reducing the burden of what they owe.

It is aiming to help them shake off the burden of worry unsecured borrowings via credit cards and other means can bring – particularly following the annual excesses of the Festive Season.

The Scarborough offers a range of market leading mortgage products with highly competitive interest rates and fee-assisted options to suit almost every circumstance.

In particular, its highly successful Cashback mortgage offers consumers the opportunity to remortgage and pocket a substantial 11% of their overall borrowing on completion.

This product has proved particularly popular with customers needing to finance a life event such as sending their children to university of paying for a wedding. It works equally well, though, for someone needing to get their debts under control in a cost effective way.

In addition to its 11% Cashback Mortgage, the Society can also offer a range of other options for people needing to consolidate some of their debt.

Customers needing some relief from what they owe are invited to remortgage and take out a new home loan at a much lower rate of interest than they might be paying on credit and store cards, and some of the less value-for-money loan products on the market.

This option is available with most of its core range mortgage products, subject to applicants meeting the designated affordability criteria.

Tony Burdin, Head of Retail Strategy, said: ‘The New Year lull can be a difficult and worrying time for many people, particularly those with young families, who are left reeling from the cost of Christmas.

‘For some at this time of year, it will seem that there is no way out from the spiral of debt and many will end up paying way over the odds for their borrowing, through unsecured vehicles such as credit and store cards, or loans at very high rates of interest.

‘There are many people who would not even realise that their mortgage could provide them with a solution. We can offer them a range of options – from rolling their borrowing together into one cost effective debt to getting their hands on much-needed capital via a cashback product – which could help them either clear their debts faster or save hundreds of pounds on their monthly outgoings.’

He added: ‘Whatever their individual situation and needs, we are urging people through this campaign to come and talk to us and help us to help them find a solution which suits them.’

Anyone who would like some friendly, helpful advice on how they could use their mortgage to help improve their financial circumstances can call in to one of the Society’s branches or speak to one of our Scarborough Direct advisors by calling 0845 056 0855.

---