Transfer mortgage to Credit card?

daisymo

I've never used a forum before so apologies if I'm breaching etiquette in any way.
I have a small capital and interest mortgage with a balance of just under £10,000. I'm paying lump sums as well as regular payments when I can. it's due to be finished in October 2014. I wondered if it were possible or advisable to transfer the balance to a 0% interest Credit card and so avoid any more interest charges.
thanks for your vews on this.

The_J

Yes this is possible - raise the "cash" on the credit card and pay it as a lump sum off the mortgage.

Clearly it's not a long term solution.

harvey115

Credit Card Balance Transfer

As far as I know almost all of the Credit Card providers that provide such service (Balance Transfer). They usually charge a transfer fee of around 3% to 4%. So even if you use the credit card to transfer the balance you would be paying the transfer fee tot he credit card company. So not be making a lot of difference.

However I am not very experienced in this arena, so others might have better options/insight on this then I have.

star4876

Contrary to what has been said above I was advised by my bank that you "can't pay off credit with credit"
How true this is I don't know, perhaps its just frowned upon in general.
I asked if I could make a couple of loan payments with a CC and I was told I couldn't, don't know if the same would apply with a mortgage!

Joe_Bloggs

Keep paying the mortgage, it is only for another 28 months. This is way beyond the length of any single credit card 0% deal. This long time period would require multiple credit card milarky and the likelihood of fees that make the exercise unprofitable.
J_B.

daisymo

Thanks for that guys. My mortgage interest is 5.19%. So may be worth while making enquiries

daisymo

Thanks Joe. i didn't factor in paying transfer fees twice. Probably just as well to keep on as I'm doing and just putting in a lump sum to the capital whenever I can to bring down the interest.