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

melj16

gemmab03 wrote: »

Forgive me for thinking this was a friendly advice site!

Supposed to be....but i think sometimes people get on their high horses dont they!

Is your credit card with Natwest and do you have a good relationship with the bank. How far are you into your mortgage? are you in a fixed deal at the moment. I work for them, so may be able to give you facts on options you have, obviously not recommending or advising though

gemmab03

melj16 wrote: »

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

Thankyou for your comment, we want to avoid a loan so as not to drag the situation any longer, we thought of the repayment holiday as a solution to clear the credit card.

gemmab03

melj16 wrote: »

Supposed to be....but i think sometimes people get on their high horses dont they!

Is your credit card with Natwest and do you have a good relationship with the bank. How far are you into your mortgage? are you in a fixed deal at the moment. I work for them, so may be able to give you facts on options you have, obviously not recommending or advising though

Thankyou

Our credit card is a barclaycard, we have tried to apply for another card with a 0% balance transfer but we arent allowed to borrow anymore. The biggest debt we have after the mortgage is the 6k credit card. Im worried we may slip into not being able to pay it off as the interest on it is so high. If we had the repayment holiday of 6 months we could easily pay this off quickly then get back to normal. I was just thinking a quick solution to pay it off. We are 8 years into our mortgage and have always paid it (apart from a slip up in direct debit details after changing to a new bank but this was quickly sorted) I dont know if the bank just allow these repayment holidays, or if you have to match a certain criteria. Any advise would be helpful. Many thanks.

Thrugelmir

gemmab03 wrote: »

Again, forgive me for thinking this was a friendly advice site.

We are all very friendly. Whatever empathy I have with your personal circumstances is irrelevant in terms of answering your question. I realise its not the answer you are looking for. So better to respond bluntly than let you believe that your mortgage lender is going to be overly sympathetic to your request.

piglet74

My hubby got paid off a few years back and our lender offered interest only payments for 6months, would this be any help to you?

OverRated

Sounds like a payment holiday will either not be allowed or trash you credit score. You need to work out a SOA to understand how quickly you could pay it off - you might need to watch you spending for several months closer than you would like.

The interest from the card each month is tough I know. It's your reason to cut back now and throw every penny at it!

YoungBusinessman

Interest only for a few months maybe, cant see a total holiday though,

Annisele

If you've had the mortgage for eight years you presumably have some equity.

I think a six month payment holiday is very unlikely, but it *might* be possible to increase your mortgage by £6k. You could then use that money to repay your credit cards, and overpay on your mortgage (assuming no repayment penalties) to get your mortgage back in the position it ought to be in.

There are many disadvantages with that plan, including moving unsecured debt to secured debt, but it *might* be a possibility.

motch

gemmab03 wrote: »

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?

if you cannot get another credit card might be hard to get the bank to agree to a 6 month mortgage repayment break.

as you are now will see the balance almost paid off after a year. could perhaps try getting another credit card for balance transfer in around 6 months time.

maninthestreet

If you payoff an average of £300 per month of the credit card balance, in 6 months the debt will have reduced to £4200, and the interest payments would then be only £105 per month.