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

deano27_2

YorkshireBoy wrote: »

This will answer all your questions...

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

Thanks for this. Very interesting read. I would need nerves of steel to have a go at that, but very tempting to use the credit cards greed to my advantage.:T

bigbloke45

deano27, I've stoozed my offset mortgage three times and saved a few bob along the way!

The important thing is to absolutely ensure that you repay the balance back to the credit card before the end of the interest free period so you must have a diary system that won't let you down! I used to 'phone the ccard co. (MBNA) on a regular basis to ask when the money had to be repaid (paranoia!).

The main thing is to give yourself enough time to get everything done e.g drawdown the mortgage again in order to pay off the credit card. Lenders aren't that quick, so it's worth losing a month's interest free in order to get everything "shipshape".

But, all in all, I reckon I saved about 15 months iterest at about 7% on about £27,000 i.e. about £2,360.

But the real "kicker" is to make sure you keep your payments to your lender at the same rate as you are paying off more capital each month.

Good luck all.