I want to put £10k in mortgage account off a credit card what's the best way to do it

eggo

Instead of money in savings account I want to pay into mortgage account to reduce balance.

It is best to do this on a 0% purchase card and then ask my bank to take the money off the card, i'm a little confused.

Any help would be much appreciated.

Eggo:rotfl:

jamiex

I'm pretty sure you can't withdraw cash to a mortgage account on any cards and still get 0% (especially if it's only a purchase rate).

If you have a 0% balance transfer rate and get an MBNA card then you can do a balance transfer to your bank account and then pay off some of the mortgage. You'd get charged a balance transfer fee. MBNA are the only company I know of that allow balance transfers to a bank account.

Hope this helped (I'm in no way an expert - I'm only 20 years old so could be totally wrong)

Regards,
Jamie

eggo

Thanks Jamie

Most appreciated, I will apply with MBNA.

Mickey_Monk

Egg will also transfer a balance from a current account (usually described as a "super balance transfer")

YorkshireBoy

Be careful with "paying off" your mortgage this way. If you breach your CC agreement (by paying late for example) then the lender will remove the 0% rate...meaning (part of) your mortgage will be at 15.9% APR.

Likewise, if you can't shift the debt to another card at the end of the deal, you'll drop onto 15.9% APR.

What if you can't get the money back from your mortgage provider? If you can get it back, how long will it take?

The best type of mortgage for 'stoozing' credit cards is an offset type...not a 'standard' type.

sara_501

jamiex wrote: »

I'm pretty sure you can't withdraw cash to a mortgage account on any cards and still get 0% (especially if it's only a purchase rate).

If you have a 0% balance transfer rate and get an MBNA card then you can do a balance transfer to your bank account and then pay off some of the mortgage. You'd get charged a balance transfer fee. MBNA are the only company I know of that allow balance transfers to a bank account.

Hope this helped (I'm in no way an expert - I'm only 20 years old so could be totally wrong)

Regards,
Jamie

I got offered a "cash transfer" with capital one recently which according to the CSA is also at 0% til feb same as purchases and BT's, only subject to the handling fee...

eggo

Mickey_Monk wrote: »

Egg will also transfer a balance from a current account (usually described as a "super balance transfer")

Thanks Mickey, I'll look at them too

eggo

Thanks Mickey, will look at them also

eggo

YorkshireBoy wrote: »

Be careful with "paying off" your mortgage this way. If you breach your CC agreement (by paying late for example) then the lender will remove the 0% rate...meaning (part of) your mortgage will be at 15.9% APR.

Likewise, if you can't shift the debt to another card at the end of the deal, you'll drop onto 15.9% APR.

What if you can't get the money back from your mortgage provider? If you can get it back, how long will it take?

The best type of mortgage for 'stoozing' credit cards is an offset type...not a 'standard' type.

Hi Yorkshire boy yes I have an offset mortgage, so it will be no problem to do this. So do I get a balance transfer card and then ask my mortgage provider to take some money, i'm confused

eggo

Hi Yorkshire Boy, yes I've got an offset mortgage so will beable to do this.

So do I get a BT card and then get the mortgage provider to take some money - I'm confused!!

YorkshireBoy

eggo wrote: »

I'm confused!!

This will answer all your questions...

http://www.stoozing.com/g_offset.htm