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catch 22 situation -mortgage/credit card
want2bmortgage3
Posts: 1,966 Forumite
hi all
i am currently on a 4.79% mortgage equating to £650/month.
i have found out i could fix on 2.99% at around £500/month.
however, due to the mortgage being 5x my income i would have to have no other debts.
the problem is i have a credit card with over £4k balance.
so, despite being able to pay the current mortgage and credit card repayments, i am unable to apply for a re-mortgage!
any ideas what i can do?
i am currently on a 4.79% mortgage equating to £650/month.
i have found out i could fix on 2.99% at around £500/month.
however, due to the mortgage being 5x my income i would have to have no other debts.
the problem is i have a credit card with over £4k balance.
so, despite being able to pay the current mortgage and credit card repayments, i am unable to apply for a re-mortgage!
any ideas what i can do?
0
Comments
-
Pay off your £4K debt and then re-mortgage?
Be worth it
MGFINALLY AND OFFICIALLY DEBT FREESmall Emergency Fund £500 / £500
Pay off all Debts £10,000 / £10,000
Grown Up Emergency Fund £6000 / £6000 :j
Pension Provision £6688/£23760 -
yeah this can be done it just means I have to carry on paying the high mortgage repayment for 4/5 months while I repay the credit card. So effectively I'm paying at least £600 for not being able to remortage right away.0
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