0% for Life of BF? Are their any?

Tabby_Kitten_2

My mum's second mortage company has just offered to settle for £4200, the current balance stands at just over £17,000 so it's a BIG reduction, I've got a a good credit history so was thinking I might be able to get a credit card with a low interest rate or better still a 0% for the life of the balance? what do people think? Are there any 0% BF for the life of the balance around?I know it's not a good idea to borrow to pay off debt, but it would mean that our house was safe and OURS so I'm very tempted. Help please!

Milarky

You've got to be accepted of course for any card you find. That may be a problem if live with and are therefore linked financially to your mother - whose creditworthiness is bound to be impacted by her mortgage. Also there is the problem for converting the credit card advance (from a balance transfer) into cash unless:

- they provide a cheque (which some do)
- they will pay off a mortgage as it represents a geniune loan (although then you have to declare that you and your mother are linked again)

A personal loan may be a better alternative - considering it is unsecured but stays at a fixed rate. But the disadvantage of a loan are

- rates are typically higher
- payments can be inflexible
- not the same scope to transfer the debt (if beneficial) again later as with a credit card

perhaps if you obtain your current credit score this will allow you to apply for an appropriate product. You may be lucky and be able to get a credit card easily - in which case post again - but perhaps your starting point for this should be on the debt boards?

Good luck

Almost_In_The_Black

There are no 0% LOB deals that I'm aware of, after all what is the point in any bank offering this as there's no way to make money. The only way would be to insist that for this deal you take Repayment Insurance but I'm sure that you wouldn't be allowed legally to make such a restriction.