Stoozing for mortgage

brucethefish

Hi

Thinking aloud here more than anything.

Say I have a couple of credit cards I could use to Money transfer and pay off part of my mortgage (£30,000, owe £70,000), would I be able to remortgage to repay the cards on two years time if needs be?

SeduLOUs

Also just thinking out loud, but wouldn't it be easier to shift the CC debt onto a new balance transfer deal if needed when it runs out rather than remortgage?

brucethefish

It would be, but it depends if I could get a new mortgage deal with that level of debt

YorkshireBoy

brucethefish wrote: »

It would be, but it depends if I could get a new mortgage deal with that level of debt

...which would depend on a whole host of other things such as income, other financial commitments, financial associate information, lending criteria changing in the interim (and it has/will continue to do so), etc, etc.


If you're confident of obtaining/maintaining that level of ongoing debt then best to consider switching to an offset mortgage. That's what I did to drastically reduce the cost of mine, saving several £K in interest.

brucethefish

Yeah, I do need to do the sums.

I reckon it would cost £1000 in fees, but save interest of £2000 over two years