Additional borrowing on mortgage

every_penny_counts_2

I'm not sure i am posting in right place but loans thread didn't quite seem to fit with my question so hope it's ok to post here...
We have 14k unsecured debt (credit cards) which we are considering taking out additional money on our mortgage to pay off. Have been rate tarting and moving round the CC debts for a while but with balance transfer fees each time and short term on the 0% deals it never seems to end. We have less than 50% LTV and our lender can lend us money on 5.49 fixed for 2 years which is almost same period we are tied into our fixed rate on. We will save around 400 per month which i am planning on saving then paying off mortgage at end of 2 years as will probably look to move mortgage then if a better deal out there.
I feel really scared about doing it though as all the advice on here says not to secure unsecured debt. I have looked at every option and it really does seem the best one for us, but am i being naive in thinking that it will be as easy as i think to pay a chunk of it off after the 2 years as i have read some real horror stories! I wondered as it is just with our normal lender and not a 2nd charge with someone else is it as bad?
Any advice gratefully received! (And i will DEFINATELY be saving the 400 and cutting cards up-debt hasn't accrued through silly spending but to fund my degree which i can't get student loan for as hubby earns too much.)

ferry

Just giving you a quick bump as I too am in a similar sitaution but with less debt and would like to hear from anyone able to offer us any advice

Ferry

dimbo61

Most people on here will say dont make unsecured debt into secured debt and put your home on the line but if £14k in CC debts in making life unbearable then you need to do something about it.
Now if you do take out additional borrowing and clear the CC,s then you MUST overpay the mortgage each and every month by the £400 a month you are saving.
Hopefully you have now finished uni and can get a better paid job and sort out the finances.
Look on the debt free board and GOOD LUCK

every_penny_counts_2

Thats great thank you both(for the bump and the advice!):T
You helped me a couple of weeks ago Dimbo when i was considering moving the mortgage completely. We decided against that due to ERC's, etc, and thought if we stay fixed for the next couple of years we will know where we are.

Will definately be overpaying the extra £400 per month and feel i will be able to sleep better now as its been such a worry. Thank you, and hope this helps you too Ferry.:)