Bank transfer, Credit card, or just borrow from my bank?

SilverNewbie77

I need a new roof, my savings won't cover it all. Like many people my age I've never borrowed before, I bought my house with an inheritance.
Assuming that I can borrow from all of the above I have no clue which one to go for, despite reading all of the information I understand precious little of it.
What does 0% even mean?
In a bank transfer does it mean that I have no interest to pay until the 12 month/20 month limit is up?
I know that I must transfer the money within 60 days, do I pay it into my bank account until the work is finished, and then pay for the work or does it have to be paid to the roofers straight away.
(Bearing in mind that we're coming up to winter and weather conditions are likely to hold up the work somewhat and I won't be paying until the work is completed.

What does 0% mean in the case of a credit card loan?
Obviously I need to look for the best deal, but can't understand any of it.
As you see, I really have no clue about even the basics.
Can anyone help me to understand?

TadleyBaggie

With a little or no credit history, it might be impossible to find a bank willing to offer you a big enough credit limit for such a large expense.

MorningcoffeeIV

0% means that's the interest rate charged on the debt for the specified period.

Bank transfer is a way of paying someone, eg an individual or someone who doesn't accept cards. You pay directly from your bank account.

A money transfer is something offered by some credit cards, where you can put money into your bank account to use as you wish.

You'll need to pay the roofers at the point the roofers want paying.

With little credit history, you nay not get the deal you are looking for, so try an eligibility checker or three first.

Keep_pedalling

Before you go sourcing a loan, who is telling you you need a new roof? How old is your house? Unfortunately there are some dodgy ‘tradesmen’ out there who rather than carry out required repairs will try to convince you that you need a whole new roof.

Brie

How much money do you think you need?  This may well influence what is available to you particularly if you have a limited credit history.  Also how quickly can you pay it all back will affect what is best for your to do.

A loan with your bank may be easiest as they will know more about you then others can see on your credit history.  And the loan rate will be higher normally than one might get for a mortgage but much less than you might pay eventually on a credit card depending on whatever deal you might get on that.  So if the amount required is really substantial - say £20k or more - you may want to see if you can take out a mortgage or at least a loan that is secured against your home as that will give a bank the most reassurance.  Never done it myself but it's something to consider. 

If you went for a credit card - and assuming you have never had one before - whatever deal you are likely to get is something with a very limited time period on it and have a relatively low amount of credit.  So maybe you can get a 0% on purchases made in the first 3 months and the 0% applies for 12 months from when you get the card.  And maybe a credit limit on the card of £2k.  Which is not going to pay for a roof but will purchase some materials.  If the card has a 0% balance transfer that will only work if you already have a credit card and would normally come with a 5% fee or similar.  So £2k credit limit might allow you to do a BT of 90% (so £1800) which would cost you £90 so you would have used £1890 of credit which you would have to pay off in the 12 months.  If you don't pay it all off then the interest goes from 0% to maybe 24%.  A money transfer works the same way but allows you to pay money to a bank account instead of another card.  (fyi if you go for a 0% BT, MT or  purchase offer ensure you set up a DD for at least the minimum required payment immediate so as not to lose your deal prematurely)

As for paying the roofers when the roofers want paying...well yes but no but....   Get a quote (or 3) from reputable firms/individuals, agree a deposit (maybe 25%?) and when you will need to make further payments ensuring that the final payment is made when all work is done and the scaffolding removed.  And do ensure you know who is paying for the scaffolding.  Some roofers will include it in their quote, others will get you to deal directly with their pet scaffolder.  Again agree when payments for scaffolding are going to be made, hopefully including a final payment when the scaffolding is removed, as you won't want to have all the work completed and then have that exoskeleton around your house for an extra month or two.  Scaffolders sometimes like to leave things in place until they have another job to move it to - saves them storage!

DigSunPap

Yes, a 0% credit card loan means you can borrow money without paying interest for a specified period, such as a 12 or 24 months. You transfer the funds to your bank account, then use it for your roof. Pay the roofers when the work is done, but just keep in mind the 60-day limit.