Mortgage Break Advice Pls

slimshady_2

We are currently paying off our debts and hopefully all being well everything should be paid by Xmas. The only thing I would then be left with is 1k overdraft. We were thinking of taking a 2 month mortgage break and this would pay this off now. Is there any cons to doing this? Will it affect my credit report/scoring? Or have any negatives?
Thanks

angelavdavis

I would have thought it would depend on the terms and conditions of the mortgage. No harm in phoning your lender. Disads could be: increased interest or a charge for changing the mortgage term, etc

I would suggest, however, that you set yourself a mission not to use this as your answer. Instead, see what you can eBay, join the money-for-nothing threads on MSE and see if you can raise the £1k that way instead (people use the free quidco introductions to gambling sites and place a match bet or stooze a credit card, etc?

Are you sure you can't squeeze more out of your budget? Post up the SOA and see what the members suggest.

Its great to have a challenge (esp. this time of year) and will give you great satisfaction that you did it all yourself without extending the mortgage term or paying a penalty..

Good luck!!!