paying 0% cards if mortgage renewal due

gwenandkirsty

Hi,
I currently have money in savings that will pay off my 0% cards. However, my mortgage fixed rate is up for renewal soon (June) and I wonder if anyone knew if I would need to pay off the cards before the bank would renew my motgage?
Ideally, I want the 0% term to expire first as I get interest on the money saved in the interim.
Any ideas?
thanks

snarffie

gwenandkirsty wrote: »

Hi,
I currently have money in savings that will pay off my 0% cards. However, my mortgage fixed rate is up for renewal soon (June) and I wonder if anyone knew if I would need to pay off the cards before the bank would renew my motgage?
Ideally, I want the 0% term to expire first as I get interest on the money saved in the interim.
Any ideas?
thanks

Normally, I would say that it isn't a problem, as long as you explain the situation to the bank's advisor, making sure that the repayments are not factored into your affordability. I did it a few years ago, and it was fine. This is especially true if you are just renewing/remortgaging with your existing bank.

In the current situation, particularly if you are changing banks, I would seriously consider just paying off the card. As your mortgage deal expires in june, I would make a decision quickly.