£1500 in savings... And remortgaging, what's best to do?

[holidayblues25]

So we have a fairly small mortgage (£74k) We're due to renew in June, and probably for simplicity we'll stay with TSB.
So we've got £1500 in savings, that could be added to a one off payment.

The real question is... Would it make sense too put some money on 0% credit cards (which we do have) to add £10k on top? (Thus reducing the mortgage to just £64k) or thereabouts.

We'd be able to pay it off in 6 months, and not incur in any interest.

Plus maybe another £5k on top from money we can save MoM.

You’ll need to check with TSB that they will accept a cc payment.

https://forums.moneysavingexpert.com/discussion/6482480/can-you-use-the-0-credit-card-to-pay-off-your-mortgage-or-move-money-to-your-account

Oh no, we wouldn't pay with a credit card, we'd just put our day to day expenses on a 0% one

Is the £1500 all of your savings?

I’d just remortgage as normal and focus on paying it down.

Yeah, which is quite good for us! We have a decent income, but spend a good chunk on holidays. In 12 months we spent at least £15k.

We've never had savings and have survived redundancies, a "gambling" addiction, and a couple of cars being written off.

If 1.5K emergency fund is all you have in savings I wouldn't bother putting it against the mortgage.
Just remortgage and if you can save 10K in 6 months I would do that to build a 3 months expenses then look at making overpayment to your mortgage.

I'm not bothered (like at all!) about emergency savings. Yes it goes against the grain, but things can't go as bad as they have been and we've survived. (With more debt, a.mu higher mortgage, and nursery fees).