Advice for a new guy please

julian1968

Hello all

I presently have 3 houses which I let

I also have 4 credit cards with a total balance oweing of approx £20,000 and right now I manage to keep up with minimum payments and a little more, but not a lot to make a real difference

I have also made a few late payments on these cards around 6 months ago but since then accounts are up to date

I have just been rejected for a mortgage twice and this is making the property business i rely on a little difficult

I was thinking of contacting my building societies and arranging to stop payments on my mortgages for a period of say 6 months and using all the available along with other funds to pay off the credit cards and then making up the shortfall on my mortgages

Im thinking with this done, I could wait 12 months to repair the damage to my credit rating (mortgages) and start the house buying again...hopefully

This plan... although a little cheecky is not just to save money, but rather to avoid the real chance of missing payments and messing my future plans up altogether.

I'd just like your oppinions please

Thanks

MyLastFiver

Eek - Do you know for definite that you could arrange payment holidays on all your mortgages? Lenders see this as extra borrowing and would make a credit assessment before agreeing.

Also - if you use the savings you make to pay off unsecured debts, what would you use to make up the shortfalls on your mortgages?

Jesthar

Hi Julian,

Welcome to the forum!

Hmm, this one sounds complicated... I think it might help if you could post up a full Statement of Affairs using the following link:

http://www.makesenseofcards.com/soacalc.html

If you use the 'MSE' button in the 'Format results for discussion board' section neat the botton, you'll be able to copy and paste it straight into a post here. Then the lovely people on the forum will be in a better place to give you some advice

~Jes