Shifting Mortgage to credit card

[MarillionFan]

Sounds like MF aka "Credit Card Tart" will never get a mortgage

I've moved onto collecting Avios, Hilton Points and BA miles now.

It's 12500 points for a case of 12 bottles of wine.
I've got 1/2 million points, 20 free stays at a Hilton and six business class flights anywhere in the world

(Pity i don't have anytime to do any of 'em :-( )

[AtW]

I've moved onto collecting Avios, Hilton Points and BA miles now.

You sad pathetic old man.

[DimPrawn]

You sad pathetic old man.

You tell him how many HDD you have now.

[AtW]

You tell him how many HDD you have now.

Lost count, but should be well over 1000 now, I am about to place order for 80 more today

Oh wait

[shaunbhoy]

You sad pathetic old man.

Alexei, there is more to life than collecting Meerkat puppets you know.

[gingerjedi]

WHS.

They will pickup all loans and credit card debts and subtract that from any equity and deposit on a mortgage, as this debt is included along with the mortgage debt when calculating LTV.

So, really, apart from a few hundred quid saved (do it for that purpose if it makes you happy), there's no point.

Not only credit card debt, if you have a 15k limit with a zero balance you effectively still have a 15k debt in their eyes.

[d000hg]

Been transferring credit cards since my uni days. Always have a direct debit set-up with minimum payment. Never had a late payment. When 24 months is over I will simply transfer to another credit card - as I have been doing for many years.

Doesn't this mean your debt is growing ever larger as you are not paying the interest and providers generally charge 3% of the outstanding balance when you switch to a 0% offer - you'er not paying but it's looming ever larger.

[NorthWestPerm2Contr]

Doesn't this mean your debt is growing ever larger as you are not paying the interest and providers generally charge 3% of the outstanding balance when you switch to a 0% offer - you'er not paying but it's looming ever larger.

So companies such as RBS, MBNA etc require minimum payment of 1%/month. So generally you will pay off in the region of 20% over 2 years. The fee was only 2.9% so you are still paying off a chunk of it. Companies such as Barclaycard require 2% minimum payment, so you will be paying it off twice as fast as in the above example....

[doodab]

Ok so for 5k that is £200/year which is £400 over the 2 year duration. £400 extra in my pocket is worth the 10 mins it will take me to do the transfer.

In addition to that it is going to bring down the interest rate I will have to pay to the bank due to the LTV. there we are talking about much larger amounts of money.....

Well it's £400 less the £145 transfer fee. Personally I would pay off the existing debt on there, which reduces minimum payment and improves your cashflow. An extra £50 in your pocket every month for two years is pretty handy, can be used to pay down the debt or your mortgage.

[jmo21]

Not only credit card debt, if you have a 15k limit with a zero balance you effectively still have a 15k debt in their eyes.

Where can I read about this, that's mental.