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Can I use a 0% Balance Transfer card to pay off my mortgage reducing my 4.10% to 0%?
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spakenhambishop
Posts: 2 Newbie
in Credit cards
Can I use a 0% Balance Transfer card to pay off my mortgage reducing my 4.10% to 0%?
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No. You would need a money transfer card.0
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No, you can't! You can only transfer a balance to another CC.
Even if you could, the limit you are likely to receive might well be below your needs.0 -
I agree with this but I suspect it will only work if you have a flexible mortgage. I've used a 0% money transfer to lower the "overdraft" that is my mortgage but have had to tread carefully as my mortgage is currently like yours just over 4% but the cards are now requiring a 5% fee to transfer. That makes it only worthwhile if the transfer period is sufficiently in excess of 15 months.Deleted_User said:No. You would need a money transfer card.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Thank you all for the confirmation, as I suspected. I will look at the Money Transfer Cards and see how that stacks up.
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