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    • all4one
    • By all4one 13th Jul 17, 10:29 PM
    • 36Posts
    • 13Thanks
    all4one
    Cheapest way to get 20k
    • #1
    • 13th Jul 17, 10:29 PM
    Cheapest way to get 20k 13th Jul 17 at 10:29 PM
    My wife's currently paying her mortgage off on her house in Bangkok, however the rate is something like 7% - I'm sure there's a cheaper way.

    Mortgage is around 20k, I wondered if it's possible to somehow get a 0% credit card for this and if so would the bank accept (and the card company for that matter).

    I have very good credit rating so I'm not worried on that front.

    If not a card what sort of rates would I be looking at for a loan ?
Page 1
    • venison
    • By venison 13th Jul 17, 10:35 PM
    • 1,003 Posts
    • 1,061 Thanks
    venison
    • #2
    • 13th Jul 17, 10:35 PM
    • #2
    • 13th Jul 17, 10:35 PM
    Doubt you will get a cc with a 20k limit, or that a bank in Bangkok would accept it anyway.
    Its possible that if you have a good credit record (not score) and an income over 40k and little existing debt that someone MIGHT lend you 20k at a decent rate, however that rate could still exceed 7%.
    #WeStandTogether
    • jonesMUFCforever
    • By jonesMUFCforever 13th Jul 17, 10:46 PM
    • 23,817 Posts
    • 11,027 Thanks
    jonesMUFCforever
    • #3
    • 13th Jul 17, 10:46 PM
    • #3
    • 13th Jul 17, 10:46 PM
    UK banks will not lend on an unsecured basis to purchase property which in essence is what you are doing.
    What goes around - comes around
    give lots and you will always receive lots
    • bigadaj
    • By bigadaj 14th Jul 17, 5:37 AM
    • 9,335 Posts
    • 5,969 Thanks
    bigadaj
    • #4
    • 14th Jul 17, 5:37 AM
    • #4
    • 14th Jul 17, 5:37 AM
    Well rates on personal loans are historically incredibly low, advertised from 3% or less.

    However you would be subject o currency risk given you're effectively borrowing in sterling against an asset in Thai baht.
    • Candyapple
    • By Candyapple 14th Jul 17, 11:39 AM
    • 2,170 Posts
    • 1,666 Thanks
    Candyapple
    • #5
    • 14th Jul 17, 11:39 AM
    • #5
    • 14th Jul 17, 11:39 AM
    You would need a money transfer card:
    https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.249953926.1632103625.1500025477-913909542.1500025477

    MBNA are known for giving high limits, 20k wouldn't be unheard of if your salary is high enough.

    Or try plugging your figures into the loan eligibility checker:
    https://www.moneysavingexpert.com/eligibility/loans-calculator/
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • redux
    • By redux 14th Jul 17, 11:58 AM
    • 16,836 Posts
    • 21,023 Thanks
    redux
    • #6
    • 14th Jul 17, 11:58 AM
    • #6
    • 14th Jul 17, 11:58 AM
    It might depend on how quick you expect to be able to pay this off.

    A 0% credit card offer will last 2 or 3 years, and then you might need to recycle, and it may or may not be possible to get such a high offer.

    Rather than trying for 2 credit cards at 0%, which might be tricky if the offers end both at the same time, I think I'd suggest a mixture of credit card and personal loan, with loan over maybe 5 years. You can always speed up payments if things turn out better than your initial caution. That would be a bit more comfortable than being overambitious at the start.
    • chattychappy
    • By chattychappy 15th Jul 17, 12:26 PM
    • 6,189 Posts
    • 3,231 Thanks
    chattychappy
    • #7
    • 15th Jul 17, 12:26 PM
    • #7
    • 15th Jul 17, 12:26 PM
    Yep, I had a limit of 24,500 on MBNA a while back.

    On one day, I applied for both Barclaycard and Natwest CCs. I got a 10K limit on both, though I don't think they had particularly good money transfer offers. (Wasn't looking for that at the time.)

    Suggest you take any decent money transfer offer you can get and pay off chunks (if you can do that with the mortgage). Even if you get 5K on a 3% that will be something. As the promo period expires, you can apply for new BT cards. (BT cards are more commonplace than MT cards.)

    Generally you need a good credit history to get decent cards. The actual limit you get is likely to be related to your stated income.

    As it stands, I probably have about 80K of credit on CCs, of which I'm currently using about 5K. At any one time I have roughly 30K of "existing customer" offers available. It might be that you can't fix your situation right away in one go, but in time if you obtain more CCs, you will accumulate new and existing customer promos which you can use.
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