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Pay off mortgage?
elsieh
Posts: 1 Newbie
Hi
We have around £7K left on our repayment mortgage with no early redemption fee. Would it be savvy to clear that using a 0% credit card. Advice gratefully received. Thanks
We have around £7K left on our repayment mortgage with no early redemption fee. Would it be savvy to clear that using a 0% credit card. Advice gratefully received. Thanks
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Comments
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How much interest are you paying?
Check out the cost of storing the deeds of your property, you might find it better to leave a small mortgage running.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you can repay the £7k within the initial period without incurring any interest charges then it sounds like a good idea. Most credit cards will have an 18 month term so if you can repay £389pm or more then its a no-brainer and maybe set up as a direct debit.0
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As title information is stored electronically these days, the deeds are no longer the valuable document that they were in the past.
The deeds are now just historical documents, and can safely be stored at home.
So there's no need to keep the mortgage open, just for deed storage purposes.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Make sure you are not charged a cash fee if paying off the mortgage debt0
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Hi Elsieh,
wish I was in your position. We still owe 15,000. Anybody know a credit card that you can borrow 15 on? hahaI love a bargain. Now mortgage and debt free. hurray!!:smileyhea0
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