Short term credit on mortgage?

Running_Horse

We need to raise £4000 quickly for an unavoidable expense.

We have a Nationwide tracker (mortgage 50% value of house) with the option to raise new finance. Having seen our repayments drop by £175 per month, and with other incomes due to increase, it should be possible to make enough overpayments.

Are there any implications we have not thought of, or would we be better putting it on a credit card and paying 3% for a zero balance transfer?

Many thanks for any thoughts and ideas.

milliemonster

You say it 'should' be possible to make overpayments, you don't sound convinced that you can definitely afford this loan, and what happens if interest rates go up again? how will you afford it then?

Regarding the 0% BT, this may be the better option IF you can afford to repay during the O% free period, if not you will get stung in interest.