Mortgage payment holiday vs loan/credit card

wendy73

Hi All,
We want to get double glazing before winter comes round again. Credit will be necessary and we're thinking of using mortgage payment holiday instead of getting a loan or putting it on a card. Any thoughts as to whether this would be a good move?

Thanks x

nrsql

Almost certainly cheaper.
Check the mortgage conditions.
Would you be forfeiting the possiblities of future mortgage holidays if you do this? Would you pay the amount back into thhe mortgage?

TEDDYRUKSPIN

Wendy.

Please check with your lender about Mortgage payment holidays. What they just do is add the interest monthly on to the mortgage. No such thing as holiday. Secondly, some lenders actually put on your credit report that you are in arrears i.e. HSBC.

Now the answer. You are buying new windows. Why don't you just get a further advance? Money from your equity of your property? New credit card if you can find a 0% purchase card? A very low personal loan?

SOLUTION:

If they accept, a 0% purchase 12 months card will be a excellent solution and then release equity.

I should not be assuming but do you have equity in the property.

ALWAYS....

Work out your budget! Work out your affordability! Carry out a budget planner!