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Loan Swap onto CC at 4.9%?
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trencherpilot
Posts: 304 Forumite
in Loans
Looking for someone to blow a hole in my theory.
About 18 months ago, we decided to consolidate cards etc onto one loan. This co-incided with the time we were due to re-mortgage. The guy we got to advise us on the job-lot basically (with hindsight) stiffed us! He put us on a variable rate mort with IF and got us a loan at 7.9% again with IF. Now this loan has an extortionate (compared to current rates) interest charge. If I could engineer it, would it be better to swap the loan onto say the Amex card at 4.9%.
The loan outstanding is about 7600. How high do Amex set limits and there are no redemption fees on the loan.
Any pointers appreciated.
Ta
Trencherpilot
About 18 months ago, we decided to consolidate cards etc onto one loan. This co-incided with the time we were due to re-mortgage. The guy we got to advise us on the job-lot basically (with hindsight) stiffed us! He put us on a variable rate mort with IF and got us a loan at 7.9% again with IF. Now this loan has an extortionate (compared to current rates) interest charge. If I could engineer it, would it be better to swap the loan onto say the Amex card at 4.9%.
The loan outstanding is about 7600. How high do Amex set limits and there are no redemption fees on the loan.
Any pointers appreciated.
Ta
Trencherpilot
My broad mind and narrow waist are slowly swapping places!!
0
Comments
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Why transfer it to an Amex card, why not go for a 0% card I hear Capital One are doing 0% for 15 months which will give you a good amount of time to hack away at the balance before the 0% ends.MFWB
Mortgage when started: £232,000
Current mortgage Sept 2024: £232,000
Mortgage free day: Sept 2029
Saving: £12k 20250
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