Using 0% credit card for mortgage over payment

Martico

I'd be amazed if you got close to half of the £9000 limit that you'd be after, I can see that being a sticking point

nosworthy

https://forums.moneysavingexpert.com/discussion/comment/82102170#Comment_82102170

Yeah, I've just seen that it's around 3-4k but I have 3 so still a decent lump out of it. It'll take the mortgage past half of the original loan owed and about 25% of the ltv.

redux

https://forums.moneysavingexpert.com/discussion/comment/82102036#Comment_82102036

Usually the point of a 0% transfer with modest fee, effectively lower than borrowing or savings rates elsewhere, is to make it last as long as possible, so I can't quite see why some of your remarks seem to be about hopes to pay it off quickly.

A fee for zero interest over a longer period is better than spreading over only a few months, and it can work out a higher rate than the headline if it's paid back in under a year. If things work out better, you can put some in higher rate monthly savings accounts on the way, or look at another go on the mortgage later

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/82102170#Comment_82102170

Why would you may be amazed? Plenty people get offered 5 figure credit limits. All depends on your personal circumstances.

pochisoldi

For the record, Natwest Mortgages allow payment by credit or debit card (no Amex).

It used to be the case that payments under £1000 didn't affect the normal direct debit. These days the next month's repayment will be recalculated using the mortgage balance "on the day" of the repayment, which will include accrued interest. This means that you can have a situation where your monthly payment may go up (if you make an overpayment just before the mortgage due date), or may go down by a seemingly excessive amount (if you make an overpayment just after the mortgage due date).

Transactions are treated as normal purchases.

I've used this to max out a 0% on purchases card.

I've also used this facility to pay £1 on an otherwise unused credit card, which in turn was used to create a direct debit on a current account to qualify for a switching bonus…

MarchHare9

Perfect scenario is….

TWO 0% balance transfer cards

One Money Transfer card with no transfer fee

The interest rate on the Money Transfer car is irrelevant, as you will be using it as a mule card and the balance will show for a day or so at most

Obviously if you can get one at 0% it’s a bonus, but finding one with both 0% AND no fee narrows your field somewhat

You can also balance transfer EVERY month back and forth for the period of 0% without making a single payment.

credit cards are a wonderful financial instrument, if used prudently

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82102428#Comment_82102428

They are - for normal spending cards, MT and BT cards tend to be less generous