Can 0% credit cards be used to pay off Mortgage??

thebrow2000

Hello

My old dear owe 7k on her mortgage with 2yrs 7 months to go. She is paying 7.09% interest.

Can i move this to an interest free credit ?

Thanks to all

Kaz2904

Don't know if this helps but I asked my mortgage company the other day if I could make payments with a credit card and they said no. I'm with the principality. I suppose it would depend on balance transfer fees and the like and if she could get a 7k limit on a credit card?

YorkshireBoy

Well you could...but whether you should is another matter*.

For example, you'll incur BT fees on 99% of cards these days everytime you switch at the end of an introductory period.

Perhaps a better way would be to move the debt to a 3.9% APR LOB deal such as the one offered by M&S on their &more card. Used in conjunction with an Egg Money card, you could get money into your current account from where you could settle the mortgage*.

Check out the Egg Money Card Trick article on the credit card forum. Just substitute your M&S card for the 0% card mentioned in the article.


* The mortgage experts on this board will advise as to whether you're better off leaving a token amount, say £100, remaining on the mortgage.

thebrow2000

YorkshireBoy wrote:

Well you could...but whether you should is another matter*.

For example, you'll incur BT fees on 99% of cards these days everytime you switch at the end of an introductory period.

Perhaps a better way would be to move the debt to a 3.9% APR LOB deal such as the one offered by M&S on their &more card. Used in conjunction with an Egg Money card, you could get money into your current account from where you could settle the mortgage*.

Check out the Egg Money Card Trick article on the credit card forum. Just substitute your M&S card for the 0% card mentioned in the article.


* The mortgage experts on this board will advise as to whether you're better off leaving a token amount, say £100, remaining on the mortgage.

Cheers

Yeah, Ive read about that egg deal! Thanks for reminding me.

Is there a link for this quote;-
* The mortgage experts on this board will advise as to whether you're better off leaving a token amount, say £100, remaining on the mortgage.

loubeelou_2

OMG this is brilliant!! I have an egg card and am trying to make overpayments to my mortgage and make money on ebay. This way I could make my overpayments up front hence saving more interest and use it for ebay purchases etc......the options are endless!! :T

The OH who is often sceptical of my scams thinks this has merit

roswell

dont forgeth though that yopu may not get a 7 K limit in which case you will have 2 mayments goign otu one for the mortgage and one for 3% of the credit card bill this could mean your monthly spend going UP not down.

DazJWood

I am looking into this Egg Card Money Trick too as I have a small amount left to pay off on my mortgage.

* The mortgage experts on this board will advise as to whether you're better off leaving a token amount, say £100, remaining on the mortgage.

Why is it better to leave a token amount left to pay?

thebrow2000

DazJWood wrote:

I am looking into this Egg Card Money Trick too as I have a small amount left to pay off on my mortgage.



Why is it better to leave a token amount left to pay?

Yes Why is it better to leave a token amount left to pay?

anniecave

some banks and building societies let you leave a small amount outstanding (which I believe you still pay interest on) in return for free storage of the deeds of your property
others do the same so you are still a customer so you may be eligible for existing customer offers on savings accounts for example

lesinge2k

anniecave wrote:

some banks and building societies let you leave a small amount outstanding (which I believe you still pay interest on) in return for free storage of the deeds of your property
others do the same so you are still a customer so you may be eligible for existing customer offers on savings accounts for example

Interestingly, when I re-mortgaged with Halifax, they didn't want the deeds, as they are all stored electronically with the land registry, and the paper deeds are now obsolete...

roswell

anniecave wrote:

some banks and building societies let you leave a small amount outstanding (which I believe you still pay interest on) in return for free storage of the deeds of your property
others do the same so you are still a customer so you may be eligible for existing customer offers on savings accounts for example

This doesnt matter all sales since 2000 are electronicaly stored and if yours isnt you can just ask the land registory to register your property electronicaly. Deeds are actualy worthless now except as a token or refferance or some history if you have a very old property.