Can you use a 0% balance transfer to transfer some mortgage onto your card?

MoneyDon

Hi everyone

this is my first ever post in this forum

Im only 21 years old and a student (so dont have a mortgage) but I am REALLY interested in paying off the mortgage as soon as I can.

I am not sure if this can be done or not but can you transfer some of your mortgage balance (obv not a lot since the max you can transfer depending on the 0% balance transfer is £7500) onto your 0% balance transfer card in order to pay a little bit of your mortgage interest free whilst at the same time reducing your mortgage balance so that you pay less interest on it?

many thanks for reading

MoneyDon

chrisw99

You won't be able to do it directly, but you can certainly do it in a roundabout way. A lot of balance transfer cards let you do money transfers to a bank account, so you can then just use that money to overpay your mortgage.

Even if your balance transfer credit card doesn't do money transfers, you can use another credit card to get cash out of ATMS and then balance transfer that card to your 0% one (ASAP before the higher than normal interest rate for getting cash out kicks in), effectively getting yourself cash at 0% interest, and then pay off the mortgage with it.

Whether this is wise, ethical, against any T&Cs, I've no idea and I'm sure people will be along soon to tell us.

You do need a mortage that allows overpayments though.