0% Credit Card to offset mortgage.

frequent

I am about to go for an offset mortgage.

Can anyone tell me if any of the products on offer are better or easier to manage please

Considering Virgin, FD and IF but open to suggestion.

Viva La rate tart ;D

Joe_Bloggs

Try the mortgage section of the forum.
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Mortgages
I boils down to your tax situation on your income and savings. The ratio of savings to mortgage debt and the difference between the offset rate and an alternative non-offset rate.
J_B.

Galstonian

Boils down to a formula posted on here some time ago.

t_i_g_e_rr

@cloud _dog
I don't like phoning up either. I have applied for two cards for SBT so far. I have done so online and by filling in forms. I have yet to speak to anyone. However, if anyone asks me I will tell them the truth. I plan to buy a car using 0% finance, so I am building up funds to do this. I do have savings, but I don't want to touch them due to the interest and most of it being in an ISA. This is genuinely the truth. They either want my debt or not. If you used this kind of story simply replace "car" with anything you really do plan on buying. Although, like I said, I haven't spoken to anyone yet, so don't worry too much .

T_i_g_e_rr

cloud_dog

Everyone, thanks for your comments.

I've also read on the "CC Balance Transfer" board / thread that if you do it online, as per t_i_g_e_rr, and if you dont / cant do the BT online, when they send you the details through the post they include a BT slip, on which you just enter your current account details.

Soooo that's what i'll do.

cloud_dog

Martinslovechild

I read these posts with interest.

As i'm fast approaching the end of my current flexible deal with Co-Operative Bank, i've now started looking around for alternatives and came across this today:-

http://www.principality.co.uk/dsp_mortgage_products.cfm?pageid=4&product_sectionid=677&mortgageid=79&lang=en&status=mortgages

I've not heard of principality before but I understand that they're based in Cardiff. However - they allow overpayments (with no max so great for moving 0% money), and an initial rate of 4.08% (for 12 months) if you pay for the valuation & legal fees, or 4.55% (for 12 months) where you get valuation & legal fees for free.

It came up top of the list of mortgages on Charcolonline but being free for the 4.55% option and fully flexible, thereby allowing me to push all the 0% cash their way for a while, looks tempting...!!

Hobo_2

Look`s O.K. under your circumstances & fee free switch both stepped/level discount rates, would be looking to switch again at end of discount their SVR`s not to clever then pro-rata

Galstonian

"great for moving 0% money"

Great for moving it in to the mortgage perhaps but you need to ensure you can get it back out again if you need to. Usually you can make underpayments (if you have already made overpayments) but this doesn't get a large lump sum out of your mortgage. Sometimes you can drawdown funds or even borrow more but this can be slow and can require fees so may not be ideal.

Smitty

I currently have around £60k offsetting my mortgage all thanks to various cc's at 0%, which save me a fortune around £3.5k a year in interest.

I'm impressed with this mate
My mortgage is up for transfer in 1 year,( wish I could keep it as its fixed at 3.5% ) Anyway Im starting building up cash from SBTs, got 25k ATM, just wacked it in Cahoot 5.65% for now, but would really like to be using it to offset my mortage which Ill consider next year.

frequent

@ Joe Bloggs & Galstonian

Thanks for the pointers.

Does anyone think it's better to wait and get mort 1st b4 going for multiple cards ?

Also does anyone hold back 9 months worth of minimum payment to payback with ?

Paying back the credit card with their own money sounds very nice.