borrow further on mortgage or a loan

inman66

I am in debt with credit cards and pay them all standing order each month but also pay alot of interest on them and cant manage to transfer to other 0% cards is it better to get a loan or further borrowing on my mortgage i only have 3 years left and could easy afford to pay more as it would still be less that what i pay out at the moment on standing orders help needed please

thebritishbloke

You could talk to your bank and ask about getting a loan to consolidate your debt. If you're not getting accepted for 0% BT cards though, I wouldn't be too hopeful about getting approved for a loan.

Thrugelmir

If can you afford to pay more then you should. Review your budget and cut back on your spending for a while. Then channel everything into making inroads into the debt. There's no real short cuts other than hard work.

longtermplanner

It depends what rate the loan would be and for how long. A mortgage would usually be at a lower rate but for longer , that means lower monthly payments but more expensive overall.

Have you looked at getting a loan? Borrow the smallest amount you can for the shortest period. Nationwide let you do a 'soft' application so you can see what you would be offered without it leaving a mark on your credit file. See http://www.moneysavingexpert.com/loans/cheap-personal-loans