Borrowing more on mortgage.

ice_babe

Dave_Ham wrote: »

Much better than the first plan, will need to check Halifax are happy mid fixed term though...

Do banks normally charge to change the term but keep the same deal? Dont want to re mortage due to fees.

ice_babe

Just been on the phone to the halifax. You where right. If we borrow more, they normally only lend for home improvments and they said as its a right to buy they would have to get permission from the council. Also asked about extending the term. Theres no extra fees for this and it doesnt affect the rate we are on. We can extend the term from 15 to 22 years and save £80 a month. I could then set up a standing order to my highest interest credit card and overpay it by £80 a month

Tiddlywinks

That 'saving' of £80 per month will cost you thousands though over the extended term...

marathonic

Tiddlywinks wrote: »

That 'saving' of £80 per month will cost you thousands though over the extended term...

Not if it's used to pay off a credit card with a higher rate.

PaulF81

marathonic wrote: »

Not if it's used to pay off a credit card with a higher rate.

As long as they repay the debt they would have once the cards are paid off.

PaulF81

Other option would be to try and balance transfer all cards to a single card with a decent 0 pc deal, we are with barclaycard and got 0% free for 18 months.

ice_babe

Tiddlywinks wrote: »

That 'saving' of £80 per month will cost you thousands though over the extended term...

Yes but doesnt it make sense to pay of the cards first, then in a few years overpay the mortgage.

ice_babe

PaulF81 wrote: »

Other option would be to try and balance transfer all cards to a single card with a decent 0 pc deal, we are with barclaycard and got 0% free for 18 months.

Just transfered some more onto hubbys barclaycard. they where offering 0% for 18 months