Stoozing for a house purchase... possible?

isofa

Are cards still available where you can get a large cash sum up front for 12 to 18 months interest free (are these Super Balance Transfer cards?), or don't they exist any more?

I had a look here, but the credit limits listed are very low or they have high "handling fees": www.stoozing.com/credit-cards/super-balance-transfers.php

(I don't have any balance to pay off, so I assume balance transfers are useless?)
I'm debt free and excellent credit rating.

Before we move I want to get as much cash to pile into a new house as possible, because in 12 to 18 months time I'm guaranteed to have the cash to repay any stoozed money in full... So my question is...is there any way in the next 3-4 months to find cards that'll allow 10K-20K worth of cash interest free borrowing (or an extremely low %), to repay within 12-18 months time?

(Several friends did this 3-4 year ago, having 20K each on two cards, saving 40K on their mortgage, but paying it off in the interest free period when salary came in, or investments matured.)

argomatt

At the moment with fees high and credit limits low it's hard to make any worthwhile gains with the super balance transfers.

pjread

Virgin's 26 months for 4% looks about the best there to me.

isofa

Back to the drawing board then - typically! Can get a much better short rate fixed mortgage than 4%!

Sharon87

isofa wrote: »

Back to the drawing board then - typically! Can get a much better short rate fixed mortgage than 4%!

I assume that's the 0% interest deal with a 4% money transfer fee, not 4% interest rate if that's any better. So you pay 4% of what you 'transfer' so £400 fee for 10k

pjread

yes sorry, 4% fee for 26 months, so a little under 2% if you like...

Thrugelmir

isofa wrote: »

(Several friends did this 3-4 year ago, having 20K each on two cards, saving 40K on their mortgage, but paying it off in the interest free period when salary came in, or investments matured.)

Mortgage lending criteria has changed in the intervening period. Focus your attention on maximising your saving rather than accumulating debt.

georgan

Check Lloyds Platinum, 24 months 0% BT for 1.5% fee. You pay initially 3% but they return you half fee back after 60 days from starting the card. Much better deal, low credit limit, however. Building a balance best way is through a purchase 0% card which you use for all monthly expenses and then transferring the balance to other cards. Money stays as credit in your savings account as you don't spend it. Mind you, that approach may increase your savings balance but your credit card debt still persists.