Is It Still Possible to Pay Off Mortgage with 0% Card

jamesd

edinburgher wrote: »

I would be intrigued to know where he's getting 20%+ though

It's actually over 29% according to their report but that doesn't handle bad debt as I'd like. But see the caveats.

I decided to accept the tax hassle once I decided that I'd put in enough that I'd eventually expect to be getting over £2,000 a year in taxable interest. I'll come fairly close to that in this, my first full tax year there, and go over it next.

With numbers like that you can see why I'd be willing to pay 5% for 14 or so months of borrowing...

edinburgher

That's an interesting one, do you need a Euro-denominated current account to use it?

With numbers like that you can see why I'd be willing to pay 5% for 14 or so months of borrowing...

Yes, even considering the associated risks, that sounds like a profitable prospect worthy of consideration.

jamesd

I use Transferwise to send money. No Euro account needed and their 0.5% charge isn't too painful. Plenty of other services around, though.

It's interesting but don't get too excited. Diversification is key to protecting wealth so don't go overboard even on what look like good deals. And if you think that's good, have a look at smaller companies funds and the developed world stock markets this year. More than 35% from smaller companies funds... tax free inside an ISA. But of course there are down times as well, this just happens to have been a very nice up one.

I made a big chunk of my property deposit by borrowing on cards and investing in early 2009. Definitely not for everyone - that was not a comfortable time to be buying! Which of course is one of the ways in which you identify the good times to buy... the uncomfortable ones when all is doom and gloom.

edinburgher

Thanks jamesd, probably not one that will work for many of us, but always good to get an informed insight into alternatives to the usual British financial choices (bung it into cash savings, or maybe the occasional lump sum paid off from the mortgage).