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Paying off my Mortgage Balance with an Interest Free Credit Card
PierremontQuaker03
Posts: 333 Forumite
Hi,
I owe 29k on my Mortgage and have approx 15k in savings, I have an offset mortgage currently.
Its getting to the point in time to think about paying my mortgage off.
I am just wondering when the balance gets to say 10k, should I pay it off early with an interest free credit card - for example Tesco have just got an offer on currently for 22 months interest free (with 2.9% fee)
Then I can pay it off gradually, and look at buying another house as I will no longer have a a mortgage.
I think I am paying 0.98% interest on my mortgage at the min so I am not sure its worth doing this?
Any thoughts. I know there will be a fee to pay when paying off my mortgage also of a few hundred pound.
I owe 29k on my Mortgage and have approx 15k in savings, I have an offset mortgage currently.
Its getting to the point in time to think about paying my mortgage off.
I am just wondering when the balance gets to say 10k, should I pay it off early with an interest free credit card - for example Tesco have just got an offer on currently for 22 months interest free (with 2.9% fee)
Then I can pay it off gradually, and look at buying another house as I will no longer have a a mortgage.
I think I am paying 0.98% interest on my mortgage at the min so I am not sure its worth doing this?
Any thoughts. I know there will be a fee to pay when paying off my mortgage also of a few hundred pound.
0
Comments
-
If you apply for another mortgage then the credit card balance will be detected.
You'd be better off saving your money in an ISA at 3% than using the offset facility or repaying the mortgage early.0
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