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interest free mortgage plan??
donnie_brascoe
Posts: 5 Forumite
We just had our budget from cccs and they have made us feel very positive.
We have also arranged to have a 2 month payment holiday for our mortgage to pay off 2 store cards saving us £45 per month.....we have also arranged to go interest only on our mortgage till march 2010 which will save us £135 a mth.
This along with the savings from paying off our store cards will give us over £200 per month which we are going to pay off our £5k CC debts over 20 months..
We have a £4k loan (£132 per mth) which ends in Aug 2011 so if all goes according to plan we would have shifted around £8k of cc/loan debt in 3 years leaving us better off in the region of £400 a mth
has anyone else done something like this and if so did it work?
ta
We have also arranged to have a 2 month payment holiday for our mortgage to pay off 2 store cards saving us £45 per month.....we have also arranged to go interest only on our mortgage till march 2010 which will save us £135 a mth.
This along with the savings from paying off our store cards will give us over £200 per month which we are going to pay off our £5k CC debts over 20 months..
We have a £4k loan (£132 per mth) which ends in Aug 2011 so if all goes according to plan we would have shifted around £8k of cc/loan debt in 3 years leaving us better off in the region of £400 a mth
has anyone else done something like this and if so did it work?
ta
0
Comments
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If that's the plan recommended by CCCS then it sounds fine.
One thing to keep in mind is that it's not 'free' money - effectively, you are moving your credit card debts onto your mortgage. That might well be the best thing to do in your circumstances, but be careful, don't get carried away and spend thinking that you have lots of extra money, it's all got to get paid back in the end.
Hope it all goes to plan for you!0 -
If that's the plan recommended by CCCS then it sounds fine.
One thing to keep in mind is that it's not 'free' money - effectively, you are moving your credit card debts onto your mortgage. That might well be the best thing to do in your circumstances, but be careful, don't get carried away and spend thinking that you have lots of extra money, it's all got to get paid back in the end.
Hope it all goes to plan for you!
thanks for that , you make a very good point but if we stick to it and are disciplined and pay the "spare" cash off the the CC debt , along with pay rises we will be in a much healthier position in 3 years.
thanks for your good wishes0 -
donnie_brascoe wrote: »We just had our budget from cccs and they have made us feel very positive.
.....we have also arranged to go interest free on our mortgage till march 2010 which will save us £135 a mth.
Why is it interest free??The good you do comes back to you.DFW Long haul supporters No: 1340 -
rubydoiwannabee wrote: »donnie_brascoe wrote: »We just had our budget from cccs and they have made us feel very positive.
.....we have also arranged to go interest free on our mortgage till march 2010 which will save us £135 a mth.
Why is it interest free??
sorry i meant interest only0
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