Advice

Lottie2016

Hi we want to clear our mortgage its 10,000 we have 5,000 saved and thought we could get a 0% credit card and use it for the other £5,000 then pay it back before the deal ends ! Job done ! But it seems we cannot pay our mortgage with a credit card directly as they don't take credit cards ??? So has anyone got any ideas how we can over come this ??
There must be a way can pay ourselves £5,000 from credit card to current then to bank ??
Any ideas around this would be great ???
Thank you

redpete

You want a money transfer card - see the MSE article here.

[Deleted User]

Won't the fee outweigh the saving on your mortgage rate?

Superscrooge

Are there any early repayment penalties on your mortgage?
What rate of interest are you paying on your mortgage?

I agree with ZX81 The fee for a balance transfer card may be similar to the interest rate you are paying on your mortgage, so you wouldn't save anything, and you would risk a huge rise in your interest rate if for any reason you didn't pay off the mortgage before the end of the 0%

noh

You need two or more cards.
One zero fee money transfer card and one or more zero fee 0% balance transfer cards. You transfer money to your bank account from the money transfer card and then top up that card using the balance transfer cards. Repeat until you have the required amount in your current account with no outstanding balance on the money transfer card. That way there will be no transfer fees and no interest.

As others have said I wouldn't recommend doing this if there is any chance that you may not pay back the outstanding balance in the 0% time period.

jonesMUFCforever

Save your money and overpay when you have the funds.

Superscrooge

noh wrote: »

You need two or more cards.
One zero fee money transfer card and one or more zero fee 0% balance transfer cards.

Are you sure there are zero fee money transfer cards? They all appear to have a fee.

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs