Should I use a 0% cheque on my mortgage?

CassarJ

Hi,
Barclaycard have sent credit card cheques 0% til Aug 2011

3% fee to use

As my mortgage is 4.1% I could save 1.1% :T

on 10K say Id save about 1000 pa so about £1500 in all

I can draw out any additional overpayments from my mortgage so risk should be zero even if circumstances change

Min payment would be needed of course but I can offset that against my current mortgage overpayment so I wont pay any extra bills

Has anyone done this before?

Any disadvantages?

Thanks

luckyfool

Your mathematics is waaaaay off by a factor of 10. 1% of £10,000 is £100.

Not worth it.

CassarJ

luckyfool wrote: »

Your mathematics is waaaaay off by a factor of 10. 1% of £10,000 is £100.

Not worth it.

D'oh I must have typed 0.1 rather than 0.01

I thought it seemed good!

Woby_Tide

At least we know Alistair Darlings MSE log-on now

CassarJ

hmm cruel (as I don't have a monobrow)

TrickyDicky

If you did use the cheque, would you have the cash to pay it off when then 0% time ends? if not, you'll be paying 15%+ instead of 4.1%. If you do have the cash - why not use that to pay off the mortgage and save 3%?

dimbo61

Credit card cheques are a complete rip off and I though they had been banned.
Please stay well clear and ask Barclays to NEVER send you any again.
They dont even offer you the same protection as a credit card