Mortgage and Credit card

superM

My current interest rate on my NatWest Mortgage is 2.29% which is due to expire end of the year. I will then be on variable rate unless I go on fix. I am not sure if I fix it for 2 or 5 years yet.


If I stay with NatWest no upfront 2 years fixed rate will be 4.44%. Just taken from the comparison website. 

I am currently paying an overpayment of £1100pm. 

I am trying to make as much as payment to reduce the mortgage balance before it gets onto higher rate. 

I have existing credit cards with 2.5% or 2.9% fee on balance transfers. I will somehow arrange that to pay against the NatWest mortgage. Say around 15k. Then I make higher monthly payments to this to clear within the 0% period.

Do you think this sounds right to be done?

Current mortgage bal is 92k 

Thanks 

MorningcoffeeIV

superM said:

Do you think this sounds right to be done?

No. You can't BT a mortgage.

You would need to find another source of credit. But the fees are likely to make it more costly than the mortgage.

superM

I know you can't make a BT to the credit card. But I am thinking of a different way to do this. 

Anyway if I managed to take money out from the credit card. Do you think it would save the money via the BT fees at 2.5 or 2.9%. 

MorningcoffeeIV

It spends on the term of the promo. You'd need 18 months just to break even.