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Credit Card Debt paid with Mortgage holiday?

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  • 16-02-2011 5:38pm
    #1
    Toplink
    Registered Users Posts: 533 ✭✭✭


    I have a 3K debt on a credit card.

    I am struggling to get this debt reduced at the minute due to trying to prepare for a new baby in the house. Minimum repayments are no problem but its kinda like running on the spot. I have savings but they are tied up for 18 months.

    Is it feasible to take a 3 month holiday from my mortgage to get rid of this debt? Does it effect your credit rating to take a mortgage holiday?

    Also, my mortgage is fixed, will this complicate things?

    Thanks in advance.


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    You have to apply for a mortgage holiday and the bank will want a very good reason for giving you one. I think it's very unlikely that they'll allow you to take a complete holiday. You might be allowed to go interest only for a few months. Best bet really is to ring the mortgage advisor in your branch, they'll be able to have a look at your situation and advise on whether it's worth applying for a payment break.


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