Possible method of 0% interest mortgage!

Hassan424

Hi,

I am looking into buying a house, but I really don't want to pay all that extra in interest!

So I just had an idea if let say I borrow 100k on an offset mortgage - then theoretically if I were to put 100k in my account, my mortgage would be at 0% interest.

The question is, why not pay off your mortgage if you have the cash? - I don't have it!

BUT! What I was thinking was get a couple/few 0% money transfer credit cards - put the money into the account for the period of the 0% interest on the cards (24 months is the longest I could find) - and then after 24 months switch to a different (any old) credit card offering 0% on balance transfers. Repeat until your mortgage is paid off.

Hence you have a way to get a 0% mortgage!

On this -I think I would be unlikley to get 100k (which is what I need ) - if anyone does know of any cards that would suit me, please let me know!

But I think this is definitely feasable if you only need 40-50k etc.

What does eveyone think?

Regards.

SG27

You would have to pay a balance transfer fee of around 3% each time you transfer.

Also I'm not sure how you could get the money off the card and into your offset account without it being treated as an expensive cash advance.

R_P_W

Keep dreaming

So you want someone to lend you 100k to buy a house and not pay any interest? Borrow it and overpay it if paying interest to a bank is such a problem fr you.

_Andy_

A triumph of ambition over common sense.

michaels

Head to the stoozing thread on the credit card board.

Thrugelmir

Hassan424 wrote: »

But I think this is definitely feasable if you only need 40-50k etc.

You'd be lucky to be granted 50% of your gross income in unsecured credit.

ACG

As soon as you try putting the money into a bank account its no longer classed as a Balance Transfer, its classed as a money transfer which usually isnt interest free.

Let_Us_See

Hassan stick to the day job!

WellKnownSid

Hassan424 wrote: »

Hi,

I am looking into buying a house, but I really don't want to pay all that extra in interest! Especially to the banks!

Why not 'especially' to the banks?

If you're that worried about it, can't you just source the £100k you need to buy a house from somewhere / someone else on an interest-free basis?

How about crowdsourcing it? Find, I don't know - perhaps 5,000 people down the pub and ask them all to lend you £20. Then when you need to pay them back, find another 5,000 people to lend you another £20 and use that money to pay the original 5,000 people back.

It could work...

Let_Us_See

Once he has found the initial 4999 idiots, I will gladly donate the last £20.00.

Jonbvn

Depsite what some of the doubters has posted above, this has been done before and posted on the MSE MFW board.

http://forums.moneysavingexpert.com/showpost.php?p=5638997&postcount=3

Unfortunately the usual balance transfer fees now make it impractical.