In a pickle with cc and mortgage

carpqueen

Hi, hope someone can guide me. I have a cc of £10,000 and a mortgage of £110,000 (prop value £250,000). I am currently paying a very low interest on the 110,000 of £133.67 per month. That's great but I have no endowment to pay this off in 15 years time. What is the best thing for me to do?? Is there a policy type thing I could start paying now that will cover this? should i borrow more to clear my cc? any advice would be very welcome.

amnblog

Check with your lender if there are any penalties if you overpay.

Then simply overpay within the limits set by the Lender and your affordability.

carpqueen

that sounds like a good idea, many thanks.

tigsly

I would pay off your cc first.. I'm pretty sure you will be 'spending' more on the intrest on the credit card.. than you would if you overpayed your mortgage (but maybe i'm reading this wrong)..

Thrugelmir

Tackle the credit card first. Also go through your outgoings and cut waste. As with interest rates currently low and only going to rise. In the years to come you may yourself walking up a mountain carrying a ball and chain. So you need to get to grips with your budget now.