Paying mortgage with credit card or PayPal

darkfibre wrote: »

As per title, are either of these two options possible? I'm with Abbey.

Yes, with the Abbey, as a 'one off' you can pay your regular monthly payments with a credit card. I know because I did it for several months last year using a cashback credit card. I'm now with First Direct though and can't with them, but the Abbey is def OK. It was great while it lasted! At one point I was getting 4% cashback with Capital One's introductory offer too! :money:

You can't make overpayments with a credit card though.

I started a thread about it here.

darkfibre wrote: »

Anyway, this is what I was planning to do...

1. Cancel my monthly mortgage standing order.
2. Withdraw monthly mortgage amount from PayPal and deposit into my current account (free to do).
3. PayPal account is linked to my cashback credit card so it should pull the funds off that.
4 Then pay my credit card off in full with my current account and reap the cashback benefits of the credit card.
5. Repeat from step 2 onwards every month.

Bit of a far-fetched plan, but I think it may work?

Sound complicated! All I did was ring them up a few days before the direct debit was due to be collected and pay over the phone with the card, stopping the direct debit just for that month. (I never permanently stopped it in case I ever forgot; I'd prefer to go overdrawn than get into mortgage arrears, but that never happened.) The first time, I took the money that would have come out of my current account and stuck it into my savings account so that a) it would earn interest and b) I wouldn't spend it. The next month, dd stopped again, but this time the money went to paying of the credit card bill for the previous month. In this way I was always a month in hand with the money sitting in a savings account until such time the party was over ;-)