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  • FIRST POST
    • mercedes125
    • By mercedes125 26th Oct 17, 3:08 PM
    • 397Posts
    • 47Thanks
    mercedes125
    Halifax 60months at 4.9 % interest how much interest a month
    • #1
    • 26th Oct 17, 3:08 PM
    Halifax 60months at 4.9 % interest how much interest a month 26th Oct 17 at 3:08 PM
    I'm looking at doing a balance transfer to halifax it's 4.9 % per annum for 60 months ! If I transferred £2000 how much interest would I pay each month in £ .
    Thankyou
Page 1
    • zx81
    • By zx81 26th Oct 17, 3:17 PM
    • 14,401 Posts
    • 15,197 Thanks
    zx81
    • #2
    • 26th Oct 17, 3:17 PM
    • #2
    • 26th Oct 17, 3:17 PM
    You could roughly divide 4.9% by 12 to get a monthly %. Then allow for a decreasing balance.
    • molerat
    • By molerat 26th Oct 17, 3:48 PM
    • 17,483 Posts
    • 11,717 Thanks
    molerat
    • #3
    • 26th Oct 17, 3:48 PM
    • #3
    • 26th Oct 17, 3:48 PM
    If you pay it off in 60 equal monthly payments of £37.65 you will pay around £259 interest over the period with a maximum monthly interest of around £8. It all depends on how quickly you pay it off.
    www.helpforheroes.org.uk/donations.html
    • Ben8282
    • By Ben8282 27th Oct 17, 2:13 AM
    • 2,071 Posts
    • 914 Thanks
    Ben8282
    • #4
    • 27th Oct 17, 2:13 AM
    • #4
    • 27th Oct 17, 2:13 AM
    It looks like Halifax are doing the same thing as Lloyds and offering 60 months no fee at 4.9% instead of shorter 0% periods with a fee. My 0% offers from Lloyds, which used to be 18- 24 months (varied from month to month) with 3% fee have now disappeared to be replaced with this 60 month 4.9% offer.
    This offer is ok for a very short period as there is no fee but unsuitable for a long term transfer. You will pay about 0.41% interest on the balance each month so fine for up to 6 months when compared to a 3% fee but not a good idea for any longer period.
    If you are getting the full 60 month offer I imagine your credit files are ok. You would probably be better off applying elsewhere.
    • Shankly81
    • By Shankly81 13th Nov 17, 9:21 PM
    • 11 Posts
    • 10 Thanks
    Shankly81
    • #5
    • 13th Nov 17, 9:21 PM
    • #5
    • 13th Nov 17, 9:21 PM
    I'm looking at doing a balance transfer to halifax it's 4.9 % per annum for 60 months ! If I transferred £2000 how much interest would I pay each month in £ .
    Thankyou
    Originally posted by mercedes125
    Is this kind of offer any good? I have been offered this deal or a shorter, 0% BT. Not sure if it is worth some consideration.
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