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advice req
Muscle750
Posts: 1,075 Forumite
I am recieving a cheque from selling a investment of £23000 my mortgage is fixed till 2011 and stands at £116000, however i have £35000 of unsecured debt, This includes a NAT west loan of at a balance of £23500.
The rest on CC. I am struggling with running the home etc. The loan is costing me £378 per month .
I am considering totally clearing my CC and cutting the things in half, and paying about 12k of the nat west loan, they have said that they would redo another loan at a cost of £250 a month not a great saving but its 120 quid,
Or do i pay the CC and then pay 12k off my mortgage, and try and struggle on and the money the CC are costing me now, if i can save towards paying another 10 per cent off my mortgage the following year.
I am inclined to pay the CC off and half the NW balance
If i used the whole amount to pay NW complete ok id be 378 better off but the cc are costing me alot higher APR. So to me they should go first.
The rest on CC. I am struggling with running the home etc. The loan is costing me £378 per month .
I am considering totally clearing my CC and cutting the things in half, and paying about 12k of the nat west loan, they have said that they would redo another loan at a cost of £250 a month not a great saving but its 120 quid,
Or do i pay the CC and then pay 12k off my mortgage, and try and struggle on and the money the CC are costing me now, if i can save towards paying another 10 per cent off my mortgage the following year.
I am inclined to pay the CC off and half the NW balance
If i used the whole amount to pay NW complete ok id be 378 better off but the cc are costing me alot higher APR. So to me they should go first. 0
Comments
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Pay off whichever debts have the highest rate of interest first.I am a Mortgage and Protection AdviserYou should note that this site doesn't check my status as an Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Also watch paying off part of a fixed mortgage - there might be penalties to pay as well.0
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