Mortgage free by 2023 (!)

Suffolk_lass

With your mortgage at 21% of the house (I think you said you own 79%) I wondered if you had considered a 0% credit card to pay off some or all of it as Martin's email this week referenced a 35 month 0% deal (with a fee) - it would depend on your mortgage rate and whether you intend having another mortgage after this one but a 2.4% fee (I think) might be cheaper than your mortgage

debtfreeoneday

Suffolk_lass said:

With your mortgage at 21% of the house (I think you said you own 79%) I wondered if you had considered a 0% credit card to pay off some or all of it as Martin's email this week referenced a 35 month 0% deal (with a fee) - it would depend on your mortgage rate and whether you intend having another mortgage after this one but a 2.4% fee (I think) might be cheaper than your mortgage

Hmmm food for thought.  If I moved a portion over though we can only OP 10% so £5300 ish.  

We will probably need another mortgage.. 2023 isn’t feeling massively achievable at the moment. 

I’ll look into it thanks SL

Suffolk_lass

Don't forget you could have one card each (in practice two each if you take a cash advance then transfer it)

debtfreeoneday

Suffolk_lass said:

Don't forget you could have one card each (in practice two each if you take a cash advance then transfer it)

I have just done exactly this!  Only a small one for this time as I reduced my credit limit on my card but have requested to increase it again now. I’ve used our existing card as the difference for this advance was £2 and that doesn’t feel worth the hassle of applying for another card. 

So I will make a £1001 OP at the beginning of January. It will cost me £25.50 in fees but I’ll save £188 in interest. All OPs will be directed to paying this off as I have it at 0% interest for 12 months.  

Thank you SL. Never even thought about doing it!

debtfreeoneday

Bonus on TCB today if you buy a gift card you get £2.50 bonus so I’ve just bought 2 x £10 Body Shop gift cards as I needed to do an order in January so I got £2.50 on each TCB account and 61p cashback for the voucher purchase plus £1.22 cashback for the actual purchase and the body shop had £10 off if you spent £45 plus free delivery. 

Makes you think about buying gift cards to spend where you usually would as you get double cashback. 

So actual cost to me for the £46 spend was £28.56 And I got a £5 voucher in reward points for next time. 

In other TCB news I signed up for an Experian account as recommended by Martin on the weekly email a few weeks back. It took 5 mins and it was a free account. I got £10 cashback for doing it which I figured I’d believe when I saw it but it’s just been confirmed in my TCB account this morning. 

Karmacat

That lot is *really* adding up.  Kudos to you  

debtfreeoneday

£5 voucher in for the diary study and Amazon account credited. 

Suffolk_lass

Back in the day we used to have two whopper MBNA cards and DH took a £15,000 cash advance at 0% (+ fee) for 18 months on one, and £12,000 in the other and we put the whole lot in an interest bearing cash bond that far exceeded the fee - it is always worth considering as credit cards are unsecured debt, so no risk of losing your house, were you to switch debt near the end of your mortgage term. DH was not working properly for that period and then, having retrained as a teacher, his salary plummeted from twice mine, to half. It came nowhere near paying off our mortgage but it helped with cashflow

debtfreeoneday

Hope all had a lovely Christmas Day. Quiet one here but was a nice family day. 

Definitely need some fresh air today. It was so wet yesterday. 

Karmacat

A nice family day sounds lovely - I'm glad it was good.  So difficult to get out for any kind of walk, though!  Very, very wet round here.