Int erest Only on mortgage

Moomin30

Hi there,

I am just curious to your feed back, i was maybe thinking about doing an interest on pur mortgage just for a short time in order to pay of our credit card debts which we currently owe 14000 between me and my partner, i have heard good reactions about doing this but also bed points about doing this, also could someone please inform ho much time it would take to clear up this debt.

We currently owe 134000 on our mortgage we pay 600pcm at an interest rate of 4% with Hlaifax we have 27 years left on our term and we have had this mortgage for 3yrs now, i would like to try for a baby again later this year we already have a four year old daughter but i do not want to have another baby yet until i have cleared of this debt, which would help us out financially each and apart from our mortgage this is our ony debt.

Please all view welcome thanks :0) x

Bambywamby

Try the mortgages board, there are alot of folk on there that know about the ins & outs of mortgages.

good luck x

CLAPTON

Assuming they allow you to transfer to an interest only mortgage at the same rate then, this will reduce your payments by around 200 per month or around 2,400 per year

It doesn't seem a few months of this will make a great deal of difference ... it would seem to require several years before the CC is substantially reduced but maybe you are already throwing a lot of money at them.

firesidemaid

the other option is a payment holiday for 6-12 months, if allowed.

have you posted an SOA to try and reduce outgoings / up your income?