putting credit card debt on mortgage?

plumpgoose_2

Hi there just need some advice on the above please if anyone would be so kind!

In a nutshell have roughly 12 k debts on overdraft/cards- am considering consolidating the lot onto my mortgage( currently 135k -prop worth approx 330k) Have been told on another thread to head here for advice!
I want to free up some of my monthly income and figure i would be paying less if it were on my mortgage.

Any help and/or opinion would be much appreciated.:rotfl:

dannynixon

You are right, you would be paying less. The thing is though, if you have 15 years say left on your mortgage, you are gonna pay a lot if interest on your 12k over 15 years. In the long run you will be well out of pocket but it depends if you need the extra money now

Rico6.9

An alternative may be to "play the game"

Apply for a "0%" credit card (Actually 3% handling charge now) and then swap it to another 0 % before the previous 0% period has finished.

Borrowing extra money on your house is more convenient if you can't be bothered applying for the credit cards.

plumpgoose_2

Thanks both- I really need to free up as much disposable income to finance my son's education. Your advice is appreciated.

Rico6.9

Forgot to mention that (assuming your son is old enough) a student loan is a very cheap (2% APR in my time) way of generating cash.

Of course a job for your son would also help.

I did both.

snarffie

Rico6.9 wrote: »

Forgot to mention that (assuming your son is old enough) a student loan is a very cheap (2% APR in my time) way of generating cash.

Of course a job for your son would also help.

I did both.

I think student loans are linked to the March/April RPI, so it's about 3.8% for the next year (or thereabouts).

nomoneytoday

IMHO it's a silly way to do it. You trade an unsecured loan for a secured one, spend years paying back a lot more and possibly have to pay fees to the mortgage company.

Snowballing the loans will clear them quicker and cost less