Halifax 60months at 4.9 % interest how much interest a month

I'm looking at doing a balance transfer to halifax it's 4.9 % per annum for 60 months ! If I transferred £2000 how much interest would I pay each month in £ .
Thankyou

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  • [Deleted User]
    [Deleted User] Posts: 35,242
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    You could roughly divide 4.9% by 12 to get a monthly %. Then allow for a decreasing balance.
  • molerat
    molerat Posts: 31,557
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    If you pay it off in 60 equal monthly payments of £37.65 you will pay around £259 interest over the period with a maximum monthly interest of around £8. It all depends on how quickly you pay it off.
  • Ben8282
    Ben8282 Posts: 4,821
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    It looks like Halifax are doing the same thing as Lloyds and offering 60 months no fee at 4.9% instead of shorter 0% periods with a fee. My 0% offers from Lloyds, which used to be 18- 24 months (varied from month to month) with 3% fee have now disappeared to be replaced with this 60 month 4.9% offer.
    This offer is ok for a very short period as there is no fee but unsuitable for a long term transfer. You will pay about 0.41% interest on the balance each month so fine for up to 6 months when compared to a 3% fee but not a good idea for any longer period.
    If you are getting the full 60 month offer I imagine your credit files are ok. You would probably be better off applying elsewhere.
  • I'm looking at doing a balance transfer to halifax it's 4.9 % per annum for 60 months ! If I transferred £2000 how much interest would I pay each month in £ .
    Thankyou
    Is this kind of offer any good? I have been offered this deal or a shorter, 0% BT. Not sure if it is worth some consideration.
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