Halifax 60months at 4.9 % interest how much interest a month
mercedes125
Posts: 402 Forumite
I'm looking at doing a balance transfer to halifax it's 4.9 % per annum for 60 months ! If I transferred £2000 how much interest would I pay each month in £ .
Thankyou
Thankyou
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Comments
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You could roughly divide 4.9% by 12 to get a monthly %. Then allow for a decreasing balance.0
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If you pay it off in 60 equal monthly payments of £37.65 you will pay around £259 interest over the period with a maximum monthly interest of around £8. It all depends on how quickly you pay it off.0
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It looks like Halifax are doing the same thing as Lloyds and offering 60 months no fee at 4.9% instead of shorter 0% periods with a fee. My 0% offers from Lloyds, which used to be 18- 24 months (varied from month to month) with 3% fee have now disappeared to be replaced with this 60 month 4.9% offer.
This offer is ok for a very short period as there is no fee but unsuitable for a long term transfer. You will pay about 0.41% interest on the balance each month so fine for up to 6 months when compared to a 3% fee but not a good idea for any longer period.
If you are getting the full 60 month offer I imagine your credit files are ok. You would probably be better off applying elsewhere.0 -
Is this kind of offer any good? I have been offered this deal or a shorter, 0% BT. Not sure if it is worth some consideration.mercedes125 wrote: »I'm looking at doing a balance transfer to halifax it's 4.9 % per annum for 60 months ! If I transferred £2000 how much interest would I pay each month in £ .
Thankyou0
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