please help woolwich tracker

gazgeordie

hi, got a offset woolwich tracker(bbr+.74%) ive been (stoozing)offsetting 5k against a mortgage balance of 70k,the 5k is due to be repaid in march is it still worth swapping to another credit card(paying £150 fees) when woolwich tracker is so low,thanks in advance for your advice.

StuartGMC

Why not simply put the £5k in your offset savings; no £150 fee for that!

Simply do the calculation of the interest saved vs the £150 fee?

Floxxie

I don't think he has the £5k Stuart. It sounds as if he has borrowed the money from a credit card but it now requires repaying. As the credit companies charge a fee for balance transfers, generally in the region of 2.99/3.0%, then the question is whether it is worth the OP taking out another card as their mortgage rate is 2.24%

I'm in the same position and as the fees for borrowing money are double what my interest payments are, I am not going to be taking out other credit cards. Additionally many credit cards have now increased their minimum repayment so a £5k pot for example, reduces very quickly.

Obviously if you can find a card that does not charge a BT fee or it is lower than your interest, then that would make sense. Unless of course someone with better mathematical ability can explain any benefits that I have missed!

Floxxie

Tesco_points_addict

I've answered this question on the other thread you opened