Beginner Stooger

Hello all,

I just wanted to run a plan past everyone here to make sure I'm doing this right. I currently have no debt other than the mortgage, and use a Barclaycard for about £2-300 spend a month, which is paid off in full.

I'm thinking of applying for a Virgin Card, and they are currently doing a cash into account deal of 1.69% fee then 0% for 32 months. My plan is to apply for this card (their pre-approver tester on the webpage said I would be approved for £15k), then transfer the £15k to my mortgage, to save 3.54% x £15 for the next 2 1/2 years.

Is this a sensible plan? Am I missing anything?


  • Most apply a limit of the amount of cash you can transfer.
    Have you factored in the money transfer/balance fees?

    Have you considered changing the mortgage to a cheaper rate?

    What happens when you have to pay the capital back?
  • TheShape
    TheShape Posts: 1,771
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    When you say 'transfer the £15k to my mortgage' does that mean it's an offset mortgage and you can withdraw that £15k later?
  • MallyGirl
    MallyGirl Posts: 6,509
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    Senior Ambassador
    if it is an offset mortgage then that is exactly what I do. Make sure you set a DD to pay back the minimum payment each month and be sure of the date that the deal expires.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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