Personal Loan linked to mortgage?

upsydaisy1

Hi,

I'm new here so please be gentle with me

I would be very grateful for views on the best way to get rid of my credit card debt please? My little family is going through some huge financial changes and I cant see the wood for the trees quite frankly!

In a nutshell :

Our property is worth £180k
Our flexible mortgage is £90k (19 years remaining)
Our annual income is £21k
I work 6-12hrs pw (2 toddlers and no ££ for childcare)
My husband works 35hrs pw

Jointly we owe £12k on credit cards (one each) which I want to get rid of as we can only afford the minimum payments each month. My husband is due to be made redundant in 4 months and will be in full time training for a new career for 8-12 months (no job at the end of it though). He will get about £14k pay-out but we have to live on that for as long as possible.

My gut reaction is to apply for a loan linked to the mortgage (as we have a large equity) for £13k and cut up the damned cc's which are costing us £300+ a month.

As we have a flexible mortgage we can pay off lump sums whenever we can (never happened so far though).
However, within the next 5 years we will be in a position to clear our mortgage completely but for the time being we have to cut our second biggest loan (the cc's) and get our monthly outgoings under control.

As far as I know we both have a great credit rating but if I dont get this sorted now (before the redundancy) surely no-one will touch us (for 0% cc tfrs or personal loans) as neither of us will have full time job?

I feel just awful putting this all on here as there are so many in the UK in a much worse position than we are but its nearly 3am and I havent been able to sleep much over the last 6 months.

Thanks for reading x