Mortgage repayment holiday for 6 months to pay off credit card HELP!!!!!!

gemmab03

Me and my husband have had our mortgage for 8 years with Natwest. We have never missed a payment or had any trouble with our mortgage. However, after getting married we now have £6000 on a credit card, which we cannot move to a interest free balance transfer or a loan because we already have one and arent able to apply again. The credit card is now also gaining interest monthly, and we are paying off around £4-500 a month of it but around £150 of that goes to interest. We want to look into getting a mortgage repayment holiday with our mortgage provider natwest, for 6 months as we could have this credit card cleared in time for the payments to start back up again. What do you think?

ACG

Taking a payment holiday will still mean interest is being added to the balance of your mortgage.

How much interest are you being charged on that each month?

kingstreet

Some lenders will only permit a payment holiday when you have built up an overpayment reserve equal to the number of months you want to miss.

Where there have been no overpayments, the holiday can be classed as arrears and to the detriment of your credit history.

You need to establish your lender's policy.

gemmab03

ACG wrote: »

Taking a payment holiday will still mean interest is being added to the balance of your mortgage.

How much interest are you being charged on that each month?

we currently have a mortgage that costs £350 a month with interest of £180. The interest rate is at 4% however the credit card debt we need to pay off is at 21% this is why we need the repayment holiday do you have any advice?

Thrugelmir

gemmab03 wrote: »

this is why we need the repayment holiday do you have any advice?

You need the money as you spent it on getting married. Don't expect your mortgage lender to be so charitable as to provide an easy way out. Cut back on your outgoings for a while to increase the amount you repay on the credit card every month.

gemmab03

Thrugelmir wrote: »

You need the money as you spent it on getting married. Don't expect your mortgage lender to be so charitable as to provide an easy way out. Cut back on your outgoings for a while to increase the amount you repay on the credit card every month.

Not so easy said than done. And at this time i certainly dont need blame laid on us. If you must know my partner got made redundent 6 months before we married, when most of the wedding still needed to be paid for, everything was booked and there was no way out, we used a credit card to pay these things off and are not finding it a bit difficult to pay it back quickly without to much interest. We both work full time now but my partner has took a wage drop, and a 6 month holiday would help us greatly and pay things off, and seeing as a lot of mortgage advisors provide this service, we asked this site for advice. This is not needed because we need home improvements, holidays, cars or general thins that could wait, this is a last resort to get out of an unfortunate situation.

ValHaller

gemmab03 wrote: »

And at this time i certainly dont need blame laid on us.

Leave it out. The advice is more or less your lender won't do it. If your lender does do it, they may well punish you by trashing your credit record as pay back. Without telling you first.

Thrugelmir

gemmab03 wrote: »

this is a last resort to get out of an unfortunate situation.

Mortgages are not overdraft facilities. That can be adjusted as the borrower wishes. Lenders are sympathetic towards cases of genuine financial hardship. Not those that are self inflicted. If they allowed payment hoidays per se. Then they would be inundated with requests. Something they are not geared up to do nor for which they factor into the price of mortgage lending.

melj16

can you not apply for a loan from Natwest to repay the credit card? Is the credit card with them also?

gemmab03

ValHaller wrote: »

Leave it out. The advice is more or less your lender won't do it. If your lender does do it, they may well punish you by trashing your credit record as pay back. Without telling you first.

Forgive me for thinking this was a friendly advice site!

gemmab03

Thrugelmir wrote: »

Mortgages are not overdraft facilities. That can be adjusted as the borrower wishes. Lenders are sympathetic towards cases of genuine financial hardship. Not those that are self inflicted. If they allowed payment hoidays per se. Then they would be inundated with requests. Something they are not geared up to do nor for which they factor into the price of mortgage lending.

How is this self inflicted when we fell into difficulty due my partners redundency? Again, forgive me for thinking this was a friendly advice site. I thank the first few comments that were actually advising me, rather than shooting someone down. I dont welcome comments slating my situation so if you feel the need to do so then please comment elsewhere.