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bazo6557
bazo6557 Posts: 38 Forumite
in Mortgages & endowments
Hi I need some advice i owe 5k on my mbna card but have a house paid for worth 80k whats the best way to get money to pay off card

thanks in advance Barry

Comments

  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Are you able to get a credit card with 0% balance transfers? I imagine that would be by far the cheapest/quickest way.

    Why would you want to secure a £5k credit card against your house when you can get interest free credit cards.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • bazo6557
    bazo6557 Posts: 38 Forumite
    the most I can get for transfer to another card is £1200
  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You would probably be looking at something like a homeowners loan/secured loan. Your options could be limited though as it would be a first charge which makes it regulated and there are not too many of those around.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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