1,000,000 UK people pay mortgage with credit card!!!!!!

tomjeffery

in the light of a possible rate cut should i hold off before entering a new fixed deal on my mortgage?

or is this unlikely?

thanks

Jonbvn

tomjeffery wrote: »

in the light of a possible rate cut should i hold off before entering a new fixed deal on my mortgage?

or is this unlikely?

thanks

Despite intruding into a HPC love-in, how could anyone possibly answer your question?

Anyway there are no right or wrong answers to your question. It really depends on your financial circumstances.

Hope you now understand.

tomjeffery

erm, not really sorry! (what does HPC stand for?)

i guess i shouldn't be asking the 'what should i do with MY mortgage' question...

how about, do you think it is likely that the BofE will cut interest rates in light of the 'credit crunch'?

ManAtHome

el BankO d'Excess will cut rates the first chance they get, whether the commercial banks will follow is debateable... (and they're the ones most at risk from the "credit crunch").

[edit] HPC is House Price Crash. the other lot are HPI - House Price Inflation (both equally bad for the real economy (or would be if we still had one).

Dan_Collins_2

Banks cant afford to lend at the mo, this could become a problem btu then again it could end up all rosey!

jamesd

tomjeffery, for the lowest total cost over the duration of your mortgage you might consider a life of mortgage Bank of England tracker mortgage. The interest is linked to the BoE base rate so it'll change when that changes but you can get it at modest premiums over that base rate and never pay an arrangement fee again. Nor any need to remortgage when you might be between jobs or just starting self-employment or whatever else can make a remortgage awkward.

It does seem likely that there will be one base rate drop this year.

bohma2000

If you make your mortgage repayment using a credit card, does this not set off alarm bells at the credit card company? I mean paying directly from one account into the other not withdrawing cash. Also, if you do this, is the transaction regarded as cash or retail by the credit card company?

warrend

A friend of mine currently does this - in two years the person has only ever queried it once, he simply phones up and states he wants to pay by card and gives them the card number and expiry. I was a bit gutted when I found out how much cash back I could have been earning with my AMEX.