pay off credit cards by upping mortgage available funds

bobster42

my flexi-plus mortgage by the abbey gives me available funds to drop down and draw out. I have 15k of credit card debt, the repayments are dragging me down, do I draw on my available funds in the mortgage and pay the cards off??

caracal_77

Do you really want to pay for your meal a week ago with a part of your house?

_Andy_

bobster42 wrote: »

my flexi-plus mortgage by the abbey gives me available funds to drop down and draw out. I have 15k of credit card debt, the repayments are dragging me down, do I draw on my available funds in the mortgage and pay the cards off??

How was the £15k run up? Have you looked at why you're massively overspending and your attitude towards debt?

getmore4less

This post would be better of on the Debt board

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

silvercar

bobster42 wrote: »

my flexi-plus mortgage by the abbey gives me available funds to drop down and draw out. I have 15k of credit card debt, the repayments are dragging me down, do I draw on my available funds in the mortgage and pay the cards off??

If the interest rate on the mortgage is lower than the interest rate on the cards than it can save you money. But,

a) you are changing unsecured debt for secured debt;

b) keep doing this and you will limit your future mortgage options;

c) consider how you willl clear the amount. If you have a repayment mortgage over 20 years +, you will pay fir it in the long run. If you have an interest only mortgage you have to think how you are going to clear the debt;

d) work out why you got into this state and how you will avoid a repeat performance.

bobster42

I have run this up by starting a business, it's a repayment mortgage so i know i will be paying in the long run. The draw down will put my payments up £95/month vs. the £300 on cards. I wont be extending the period of mortgage. Rubbish situation I know.

caracal_77

bobster42 wrote: »

I have run this up by starting a business, it's a repayment mortgage so i know i will be paying in the long run. The draw down will put my payments up £95/month vs. the £300 on cards. I wont be extending the period of mortgage. Rubbish situation I know.

Can you shift (some of) the debt to a 0% balance transfer?