Go big or go home (or pay for one!)

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StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Go big or go home (or pay for one!)

Postby StoozOrLose » Sat Jul 09, 2016 11:32 pm

So... I've been stoozing and various other schemes for years and I'm pretty organised and disciplined with money but I was tired with the small gains available these days through the usual stoozing options...... so.....

I took the plunge and went for it on the old stoozing, I've built up a large stoozing pot and then completely cleared a small mortgage on a buy to let property I own.

The mortgage was for another 18 years and is now gone....

With no mortgage payment (interest) I can use the rent to build up a savings pot at high (if there is such a thing these days) then clear the CC balances and/or shift them around over the next few years.

I think its going to save me thousands and leave me with a mortgage free rental property.

Engage smug mode! :D

Anyone else done anything similar?

cashback
Posts: 80
Joined: Tue Jan 05, 2016 5:59 pm

Re: Go big or go home (or pay for one!)

Postby cashback » Sun Jul 10, 2016 9:39 am

Well done, a contrarian move and not one for the faint hearted. In the past I have read of stoozers who have fully offset their residential mortgages using balance transfers. There are posts in the old forum.

Out of interest, what are the figures behind your move?

Particularly:

Total borrowed
Number of cards used
Expected monthly rental income

I have 1 BTL that might be suited to your method. £62k owed, currently I have 5 cards with £27k in limits and expected monthly income of £550. So I have a way to go yet.

My only reservation is I'd be fully borrowed, would need to clear a card to get a follow on deal and would be totally reliant on getting that follow on deal to secure the future of the project.

I'll follow your post with interest over the next few years. I totally understand the full smug mode!! :mrgreen:

kempiejon
Posts: 27
Joined: Mon Jan 11, 2016 7:11 pm

Re: Go big or go home (or pay for one!)

Postby kempiejon » Sat Jul 23, 2016 10:40 am

Like cashback I'd like to see your workings. Unfortunately my potential stooze pot wouldn't get near my outstanding mortgage unless I doubled it and my mortgage rate is low and fixed for the next 4 years and not offesttable. I remember reading on the old board about offsetting and an old friend of mine who hadn't even heard of stoozing added money to offset her mortgage building up a slow stooze pot.
Did you pay a handling fee to stooze all that cash or was it a slow stooze on long interest free term. What happens at the end of the free period? If you have to shift the balances you'll have a fee again but I can see that'd be less than a BTL mortgage rate.

If you have a regular £550 per month to invest the best return I can think off are from the regular savers. First direct, HSBC offer 6% but you need a specific linked current account. Here's an article on reg savers http://www.moneysavingexpert.com/saving ... s-accounts.


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