Pay off credit card with payment holidays from mortgage

SelbyJay_2

Hi

I've had my mortgage a couple of years and have even recently started making over payments on it.

As part of my mortgage, i am allowed to take payment holidays. As i have credit card debts of about £3k, of which i pay off £80 pcm, is it worth taking payment holidays from my mortgage to clear my credit card debts? My mortgage payments are £300pcm.

Any help is appreciated.

Pls also see my post about Quinn Direct insurance if you have chance.

Cheers!

POSSETTE

think it all comes down to interest %s..is the CC more than your mortgage?

jonesMUFCforever

No in my opinion - it is never a good idea to load debt onto secured borrowing (interest will accrue) in order to pay off unsecured borrowing.
Next time you have spare cash put it on the card instead of the mortgage.

SelbyJay_2

The interest rate on my cc is about 19%. Which is quite scary!:eek:

POSSETTE

how much extra were yoou paying to mortgage each month...you prob are best putting it towards cc instead

Joe_Bloggs

@SelbyJay
There is no need to create doubts within your existing lender about your mortgage debt. Do not put yourself into a situation in which you could be made homeless by annoying your mortgage lender.
I invite criticism of my statement but it is in my view 'You should be nice to your lender until they start to screw you' and even then you should still be nice in moving between mortgage companies.
There could be other 'takes /views' on what to do given the circumstances on this forum. They all deserve the open forum upon which, the merits of the views expressed will be discussed.
J_B.