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mortgage payment holiday whilst clearing cc debts
mrstickle_2
Posts: 6 Forumite
am thinkiong that if i had a 12 month payment holiday from my mortgage i could clear all exisiting cc debts in that time. I realise I would be accruing interest on my mortgage balance during that time but my only other option is to remortgae and include the debts and then aim to overpay but that doesn't seem an idea that i am comforatble with.I would welcome any opinions.
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Comments
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Im not aware of any lender that would give you a 12 month payment holiday ! Are you thinking of selling?
SimonI am a Mortgage AdviserYou 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.(Perspective Finance - FSA Regulated 453002)0 -
In either case you would effectively be swapping unsecured debt for secured debt. This is usually considered a Bad Thing in this forum.
I would suggest posting in the Debt-Free Wannabe board for advice.
http://forums.moneysavingexpert.com/forumdisplay.html?f=760 -
You must be with Nationwide?? They will give 2 payment hols of up two 12 months but u must have been with them for over 12 months.
I would do this rather than lump it together but its your choice!
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