messy one!

justruth

Hmm it is tricky, my suggestions which you may feel free to ignor completely include:

Pay off the 0% balance on the credit card with the 28k and then pay yourself the payments that you would have made ie BT to yourself, but be vigilant to set up a standing order to make sure that you do make the payment to your savings each month. This way you are not really losing the deposit just borrowing it at 0% rather than paying out interest. You can do the same thing in August on the other card.

Rent out the house if you cannot find a buyer, while NR will only let you do this for the short term (12 months) if the situation persists into 2010 you can always change mortgage lender as you have said that your credit rating is excellent and they may well have changed their mind in 12 months anyway so long as the payments are made. No one really knows what is going to happen in the next 12 months. If you are making capital repayments in that time, it gives you a little room for manouver should you want a quick sale.

Just my take on things, I hope you get your answer.

OnTheUp_2-2

That sounds like an excellent idea. I will definately be paying off halifax immediately and then carry over what I would have been paying off on that to the mbna so in theroy could pay off between £400-500 a month which by august will bring our balance from £9600 to £6900 :-)

The only annoying thing at the moment is that were repayment only with NR which I hate but our payments have gone from a mamouth £1450pcm to under 1k.. now do we continue with it that way and use the freed up space to pay even more off of the credit card monthly (although wont be lots as it was a major strain paying that amount) OR do we try and change to repayment OR even still just over pay on our mortgage every month?

justruth

I am not up to date with mortgage products, but as I understood it you could still make a certain amount of capital repayment on an interest only mortgage. My advice is to play with the calculators and see which solution benefits you the best. Only you know what will work for you.