should we borrow 10K on a mortgage or by other means?

hsannie

HI there moneysavers. Could anyone help us decide whther to stick with our decision of borrowing 10K on a mortgage at base rate plus 0.63% over 17 years, or to move it to a cheaper credit card and pay it off earlier? We have no redemptions onthe mortgage so could move it or make overpayments onthe debt so it is paid off earlier. Any better deals around at the moment?

Rafter

If the 10k is debt from credit cards etc do you really want to be paying off over 17 years? If so try to make overpayments.

As to using credit cards, if you haven't 'played the game' before you should be able to raise £10k at 0% fairly easily. You will pay a balance transfer fee to get it to your current account of other cards though, with some exceptions. eg Barclaycard 0% for 10 months (BUT ONLY VIA THE BARCLAYS WEBSITE OR BRANCHES NOT BARCLAYCARD)

Are there any fees for extending mortgage too?

There are some good 'life of balance' deals around at the moment. Eg Amex at 4.9%. However the minimum payment each month will be 2-3% (£200-£300), much more than adding it to the mortgage. You will pay it off in 5 years though, rather than 17.

R.