GAR Not wanted

Amolad

What % are your CC's? How long will you carry any debt.
I'd be keeping the mtg over using CCs

Between 2-2½% so less than the mortgage rate. I used to be an experienced "CC Tart" but mostly use them now to improve cash flow when required. I'll keep the debt for as long as I can transfer from another CC at a "competitive" rate.


I'm new to this board so dunno what mtg stands for?

atush

I've not seen a CC at 2% (personal loans are over 4% in the main), but then again havent looked for one. I use mine for everything, but I pay them off monthly. I have seen some with a 2% transfer fee, but not interest rate.

mtg= mortgage. It is a standard abbreviation, and not just here.

Amolad

mtg= mortgage. It is a standard abbreviation, and not just here.


Well, as the saying goes, “You learn something new every day!” ... and there’s me thinking mtg meant meeting.


Yes CC’s these days charge a fee for what they call a 0% money transfer (or balance transfer). So, of course there is an underlying interest rate p.a. depending on that fee, the period of the 0% term and the percentage monthly payment. If this comes to around 2% - 2½% then, for me, it’s a good financial decision, especially since Barclays decided I couldn’t afford a 1.9% mortgage and put the rate up to 3.74% and requested that I repay the loan in full within 4 months (as per contract).


I am resorting to this type of (temporary) finance due to:

• My bank being extremely inflexible as my mtg (you see I’m learning) comes to an end.
• Me wishing to minimise the number of short-term forced share sales.
• Completely ill thought out government regulation.
• The greediness of most IFA’s
  
  

atush

Make a formal complaint against your bank. If they say you cant afford 1.9%, then putting it up to over 3% is just nonsense.

The regulators are tightening up against this sort of sharp practice. I suspect if you complain, they may back down.

PeacefulWaters

atush wrote: »

Make a formal complaint against your bank. If they say you cant afford 1.9%, then putting it up to over 3% is just nonsense.

The regulators are tightening up against this sort of sharp practice. I suspect if you complain, they may back down.

The regulators are the cause of this sharp practice with their ridiculous affordability criteria.