should i borrow on my morgage to clear cc debt ?

mumofthetwins

Well I have gotten an appointment for after work on Friday. I am hoping to get something I can overpay on and just pay the same as what I am paying at the minute as we are managing fine and hopefully it should clear quicker.
The aim is to get as much mortgage and the full debt repaid by the time the boys get to uni age ..
Can you guys let me know what I should be looking for or anything I should be asking ?
I was planning on getting all the gumph and taking it away and having a good look over the weekend.


Lisa x

MrsPorridge

When was the last time you used the credit cards to pay for anything? If it was years ago then I think you should try and go for 0% card but if it was last month then you need to post an SOA for help with your budget.

enthusiasticsaver

I still think as a preference you should initially be looking at 0% credit cards but £22k is a lot. If the debt built up due to home improvements as a very last resort you could do a secured loan (it will be treated differently to your mortgage) but it may not be the same rate and there will be legal costs and maybe even a revaluation needed. It is not as simple as you you just sticking it on the mortgage and they may need to credit score you again. It is also putting your home at risk should you fail to keep up payments.

You should do an income and expenditure analysis as they will go through affordability with you when you apply. This means you declaring other debt too. The main things you need to know are interest rate, costs and any penalties for overpayment.