Off set mortgage ends July but I still have an overdraft.

Bukloman

My off set/tracker mortgage ends in July this year. My problem is I still owe £10K in my reserve(overdraft). This amount needs to be paid off on the date the mortgage finishes. I am considering a couple of options: as my mortgage is with Barclays(Woolwich) I would like to transfer the debt to a barclays platinum 2.9% transfer 0% interest 22 months card. This would suit fine but I don't know at this point if Barclays would allow this transaction. The other method would be a fixed term loan. I Would welcome ony other ideas. p.s.I have a good credit rating.

ACG

Extend the term of the mortgage?

dimbo61

If you try to transfer the debt to a Credit card you maywell be charged as a CASH transfer and pay big fees.

getmore4less

dimbo61 wrote: »

If you try to transfer the debt to a Credit card you maywell be charged as a CASH transfer and pay big fees.

SBT fees are 1.0%-4%.

http://www.stoozing.com/sbt.php

Bukloman

ACG wrote: »

Extend the term of the mortgage?

Thanks for your advice but I was looking forward to moving away from a motgage but I will still consider as an opiton.

Bukloman

getmore4less wrote: »

SBT fees are 1.0%-4%.


Will this be the case with the 2.9% credit transfer fee on the Barclay platinum card at 0% interesr over 22 months. Would it not be £290 one off payment and no other charge unless the 22 months is exceded.

getmore4less

Bukloman wrote: »

getmore4less wrote: »

SBT fees are 1.0%-4%.


Will this be the case with the 2.9% credit transfer fee on the Barclay platinum card at 0% interesr over 22 months. Would it not be £290 one off payment and no other charge unless the 22 months is exceded.

Check the terms carefully

Extending the term gives you time to find the deals, you can always pay it off as long as you stay on a no ERC deal.


Talk to Barclays sooner rather than leave it and find they are not going to be flexable.