I think I get this

millsmum

Sorry to be painful, but need some advice.
I have just ordered my credit report on my 30 day free trial from experian. I have just clicked about stoozing! I have quiet a few credit cards all with nothing on them. I will have to cancel them all and start again?

what i was hoping to do was use the capital to offset against my mortgage. I have just been offered £10500 on an amex card!, which is not offering 0% but I was impressed with the limit.

will i gain enough to make this worth my while? I have a 91k mortgage at 5.25% I just can't do the math. will it depend on how much i can borrow?

kenshaz

Think you have come into stoozing a little late,transfer fees and mainly 6mths,it was good in the old days.All sorts of factors determine your credit limits-income---outstanding debt £10500 looks good ,but who knows,depends on the lender,Martins article will give you an indication .
No calculation possible because need to know who is going to lend you 0%
and how much,but it might be worth a try ,watch that you do not damage your credit score

millsmum

I think I will probaly give it a miss. I am always a bit late on these things. I just want to pay my mortgage off early without having to work too hard.

kenshaz

millsmum wrote:

I think I will probaly give it a miss. I am always a bit late on these things. I just want to pay my mortgage off early without having to work too hard.

Well you are in the very best place,easy just keep logging on,it will happen. Please do not let me discourage you.look at https://www.stoozing.com
Take care

YorkshireBoy

For your information, the Stoozing website has an Offsetting Guide.

The advantage with offsetting is that your 'equivalent' interest rate is much higher than you would otherwise get in a savings account stooz pot. For a basic rate tax-payer with a 5.25% offset mortgage, this equates to 6.56%. For a higher rate tax-payer, the figure is 8.75%.

I believe you need 30% of your mortgage in your offset savings account to make it work. Check out the Mortgage board on this site.

millsmum

how do you get to know so much.

YorkshireBoy

millsmum wrote:

how do you get to know so much.

There are some very wise people on these boards. I learn from them.