moving credit card debt to mortgage

accountingbod

Hi all

Just a quick question.
How easy is it to move credit card debt to a mortgage? And does this count as additional borrowing and if so how would it affect my current product which is based on a 20% ltv? Moving my debt to this would take it to less than this overall.
You can see how much i currently owe on my signature

The house i own i purchased for £250,000 last July and the outstanding mortgage balance is £198,000 which we have with the Woolwich.
Our product is a 4 year deal at 4.68%

I know that 0% credit cards are going to be cheaper but i just wanted to explore this option and was curious as to how it works.

Thanks

alleycat`

Did you set the product up with a mortgage reserve when you took it out?

That might be one way you could "draw down" but it would be based on the SVR and not on your "fixed rate".

I believe in some instances you can also "draw down" on that which you have already paid off the total amount borrowed (after less than 1 year i doubt that is going to be enough).

Other thoughts:-

I wouldn't do it as it is moving unsecured debt to secured debt unless all other avenues were explored.

Your LTV appears to be near 80% btw not 20%.

Dave_Ham

Hi there,

Speak to Woolwich and they will give you their additional lending rate..

It will not interfere with your current product but likely to be at a more expensive rate..

accountingbod

thanks for the replies
alleycat you are right, my ltv is 80%ish - got it the wrong way round!
I'll give woolwich a call and see what they have to say.

Thanks again.

handytips

Best of luck with that one.