Is this stoozing? & advice on stoozing!

talks2fast

Hi,
Ive heard, and read about stoozing, and had an idea and wanted to see if people thought this was a good idea or not, and whether it was a form of stoozing?
Im a recently qualified teacher who has an interest free overdraft, which ive paid off, so i had an idea to take the full amount of the overdraft out and pay it off my mortgage as an overpayment. then i would just make a payment each month to my overdraft to pay it back before the interest free expires, and will have saved that amount in interest payments off my mortgage?
Does anyone think this is a good idea? It sounds a bit like stoozing, but without the credit card i thought! But any advice would be very much appreciated?!
Also, with regards to stoozing from credit cards, would it be possible to use interest free money on credit cards to make over payments on my mortgage rather than putting the money into savings? (as you can see im keen on paying this off as soon as possible!) My idea was to get an interest free credit card (im already a credit card tart, but have recently paid off all my balance) and use the credit card to make an overpayment to my mortgage, and then make monhtly payments to the interest free credit card to clear the debt, whilst already having cleared a load of interest off my mortgage! Does anyone know if its possible to do this or not?
the idea came to me, as ive just spent the first year of teaching paying off my interest free overdraft, and interest free credit card, whilst my husband and i moan about wanting to be mortgage free - i should have been overpaying the mortgage instead of clearing my interest free debts!!! So i thought this might be a good way to start clearing the mortgage!?
Sorry this is a major essay, but wanted to get the best advice possible before i do anything!
I look forward to hearing people's advice,
Thanks, talks2fast x

Any

Whether you can or cannot overpay your mortgage is up to your mortgage provider - some mortgages let you to do that and some not.
As for paying the mortgage with credit card - I think the only way to do this is to get Super Balance Transfer card (Virgin has the best deal at the moment, 0% on BT for 16 mths with 2.98% transfer fee) which allows you to transfer cash into your current account (the balance still behaves as normal balance transfer) and then pay the money into your mortgage.

firesidemaid

if you pay off your mortgage with the 0% overdraft money, don't pay it back monthly straight away - put it into isa or high interest account (earning interest) and then pay that back when you need too.

rodent

Any wrote: »

Whether you can or cannot overpay your mortgage is up to your mortgage provider - some mortgages let you to do that and some not.
As for paying the mortgage with credit card - I think the only way to do this is to get Super Balance Transfer card (Virgin has the best deal at the moment, 0% on BT for 16 mths with 2.98% transfer fee) which allows you to transfer cash into your current account (the balance still behaves as normal balance transfer) and then pay the money into your mortgage.

1.Look at getting an offset mortgage ....which is far more efficient
2.use sbt cards for "instant" cash to redirect elswhere but also ge an eggMONEY card as you can bt to it and then tx to current acc then redirect


The Rodent

See https://www.stoozing.com

rodent

firesidemaid wrote: »

if you pay off your mortgage with the 0% overdraft money, don't pay it back monthly straight away - put it into isa or high interest account (earning interest) and then pay that back when you need too.

if you get an offset you should make "payments" to this to further reduce interest liabilty b4 repayment at end of deal term.......setting up a further (not so efficient )savings acc negates a lot of possible benifits

The Rodent


See https://www.stoozing.com

JimmyTheWig

If you use your credit card limit to overpay your mortgage, how are you going to pay your credit card bill at the end of the 0% limit? Are you planning on getting a new 0% card to transfer the balance to? If so, beware that these might not be available in a year's time?
Or are you going to be able to pay off the balance with income that you would have used for overpayments otherwise?