Freezing credit card interest, payments and consolidating

fatbelly

enthusiasticsaver said:

Adding unsecured debt to your mortgage is not the best solution for you even if it were approved. Even if the debt were historic adding £23k to your mortgage effectively turning unsecured debt into secured and possibly risking your home would not be a good move. Freezing credit card interest will affect your credit rating. Given you are unable to move to 0% deals and are struggling I think a DMP may be needed. Phone step change, a free debt charity for advice. 

That's a good summary. Kill the interest with a dmp, Pay this off in about three years and get on with your life. 

longtimelurker2020

fatbelly said:

enthusiasticsaver said:

Adding unsecured debt to your mortgage is not the best solution for you even if it were approved. Even if the debt were historic adding £23k to your mortgage effectively turning unsecured debt into secured and possibly risking your home would not be a good move. Freezing credit card interest will affect your credit rating. Given you are unable to move to 0% deals and are struggling I think a DMP may be needed. Phone step change, a free debt charity for advice. 

That's a good summary. Kill the interest with a dmp, Pay this off in about three years and get on with your life. 

The OP said her mortgage fixed rate ends in 2 years. If she’s still on a DMP at the time, can she easily remortgage with the same lender, via a product switch, without the lender doing a credit check? 

SusieT

longtimelurker2020 said:

fatbelly said:

enthusiasticsaver said:

Adding unsecured debt to your mortgage is not the best solution for you even if it were approved. Even if the debt were historic adding £23k to your mortgage effectively turning unsecured debt into secured and possibly risking your home would not be a good move. Freezing credit card interest will affect your credit rating. Given you are unable to move to 0% deals and are struggling I think a DMP may be needed. Phone step change, a free debt charity for advice. 

That's a good summary. Kill the interest with a dmp, Pay this off in about three years and get on with your life. 

The OP said her mortgage fixed rate ends in 2 years. If she’s still on a DMP at the time, can she easily remortgage with the same lender, via a product switch, without the lender doing a credit check? 

She would need to check first (perhaps on the mortgage board) but yes many if not most lenders will not do a credit check for a product switch if the mortgage has been paid on time.

fatbelly

longtimelurker2020 said:

The OP said her mortgage fixed rate ends in 2 years. If she’s still on a DMP at the time, can she easily remortgage with the same lender, via a product switch, without the lender doing a credit check? 

Yes.

It's not worth struggling with debt for many years or endangering your home just on those grounds

enthusiasticsaver

longtimelurker2020 said:

fatbelly said:

enthusiasticsaver said:

Adding unsecured debt to your mortgage is not the best solution for you even if it were approved. Even if the debt were historic adding £23k to your mortgage effectively turning unsecured debt into secured and possibly risking your home would not be a good move. Freezing credit card interest will affect your credit rating. Given you are unable to move to 0% deals and are struggling I think a DMP may be needed. Phone step change, a free debt charity for advice. 

That's a good summary. Kill the interest with a dmp, Pay this off in about three years and get on with your life. 

The OP said her mortgage fixed rate ends in 2 years. If she’s still on a DMP at the time, can she easily remortgage with the same lender, via a product switch, without the lender doing a credit check? 

Providing the OP sticks with the same lender it is possible to move to a new mortgage deal while on a DMP.