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advice please mortgage break
xyellowx
Posts: 570 Forumite
our house is currently on the market and we are on a base rate tracker mortgage, we have some debt on credit cards.
We have been looking at our figures and worked out that if we had a 6 month mortgage break or an interest only mortgage for the 6 months and with the money we are saving we would be able to clear our debts.
So we would be in a debt free position when we come to sort out our new mortgage when we move. even though the bank said its not a problem to have some credit card debt each we feel that it would be better to have none at all, with the mortgage payments being higher we wont have debt around our neck.
(already had a AIP agreement of halifax for new property mortgage)
Would doing this change anything?
We have been looking at our figures and worked out that if we had a 6 month mortgage break or an interest only mortgage for the 6 months and with the money we are saving we would be able to clear our debts.
So we would be in a debt free position when we come to sort out our new mortgage when we move. even though the bank said its not a problem to have some credit card debt each we feel that it would be better to have none at all, with the mortgage payments being higher we wont have debt around our neck.
(already had a AIP agreement of halifax for new property mortgage)
Would doing this change anything?
0
Comments
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A mortgage break is often designated as "authorised arrears", and may well show on your credit record as a bad debt - it varies by Lender.
If the bank don't mind a bit of CC, I'd leave well alone. If you have an AIP, use it.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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