NOW OPEN. The MSE Forum's energy-themed Ask An Expert event is open for questions. Visit the dedicated board to ask MSE Gary & MSE Andrew about gas & electricity

Offset mortgage, slow stoozing and credit rating

Hi, have been an interested lurker here for a little while.

We have a FirstDirect offset mortgage fixed at a 5.79% til December. I'm really interested in slow stoozing, as a way of making our mortgage payments go a bit further.

Between us we have 2 personal FD cards and a corporate Amex, all of which are cleared in full every month. If we went for one extra 0% card and slow stoozed it, would this be likely to damage our chances of getting a new fixed rate offset (still with FD) over the next few months? No debt other than the mortgage and a leased car.

Any tips on slow stoozing with an offset mortgage? Will it still be worthwhile if we move to a lower fixed rate at the end of the year?

Please let me know if any futher information is needed, thank you.


June to Dec 10 OP - £217/£750

Replies

  • hebehebe Forumite
    59 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    Updated to say I just found this - http://www.stoozing.com/a_mortgage.htm . We're going to wait until after we've remortgaged before starting a slow stooze. In the meantime we'll put the weekly shopping/petrol etc onto our existing credit cards rather than debit cards to maximise the amount offsetting esch month.


    June to Dec 10 OP - £217/£750
  • mattk35mattk35 Forumite
    55 Posts
    Hi, we also have a First Direct mortgage and also offset.
    I opened another savings account with FD to offset and then anything I spent on the credit card I just tranfered that amount from our joint account to the savings account.
    This made it easy for her indoors to see how much we had at the end of the month in the joint account without having to work out what we'd spent on the credit card.
  • hebehebe Forumite
    59 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    That makes a lot of sense, thank you :beer:


    June to Dec 10 OP - £217/£750
This discussion has been closed.
Latest MSE News and Guides

Iceland's helping struggling pensioners

It's giving out free £30 food vouchers

MSE News

Who can suggest a top-notch bed?

This Forumite's mattress is in need of a base

MSE Forum

The Forum 'Ask An Expert' event

Ask your energy questions by Wed 5pm

MSE Forum