making mortgage payments with credit card

kemmers_2

Hi, im sure ive read on here somewhere that people have been paying their mortgages with credit cards.

Ive had a look but cant find what i think i saw. It would have been late at night so i may well have imagined it lol, but if anyone does this can you please explain how.

I have been into the bank and was told its not possible as i need an acc code and sort code for it to happen.

Thanks in advance,
Vicki

never-in-doubt

kemmers wrote: »

Hi, im sure ive read on here somewhere that people have been paying their mortgages with credit cards.

Ive had a look but cant find what i think i saw. It would have been late at night so i may well have imagined it lol, but if anyone does this can you please explain how.

I have been into the bank and was told its not possible as i need an acc code and sort code for it to happen.

Thanks in advance,
Vicki

No you cannot pay mortgages with a CC. Most mortgage companies will decline the payment, its automated at their end. You can pay using a debit card so the way to do it would be to transfer from CC into your bank account (if you have MBNA) and then pay using your debit card etc. Or write a CC cheque to yourself and pay into your bank, then pay mortgage with the funds.

kemmers_2

Ah well, im probably better off sticking to it coming out as dd.
I was just after getting some rewards from cc but im sure that if i transfer etc will cost me. I have amex and barclay card - just getting started with them.

Thanks for quick response!

never-in-doubt

kemmers wrote: »

Ah well, im probably better off sticking to it coming out as dd.
I was just after getting some rewards from cc but im sure that if i transfer etc will cost me. I have amex and barclay card - just getting started with them.

Thanks for quick response!

yes the only way around it would be to write a CC cheque but with the charges that follow, is it worth it? I'd say not..... hth. :beer:

kemmers_2

No, definitely not worth it, the money is in my account each month so i dont want to start incurring CC charges.

Im just trying to get my head around using credit cards.

Thanks

never-in-doubt

Most lenders have it built into their systems to recognise the credit card series which blocks it. Ive tried to sneak through a visa CC payment saying it was a Visa debit card - they told me it was not and to get another card! I then used mastercard as Maestro and again they told me that I must use a debit card, not a credit card. In then end I gave up, couldn't blag it cos they just kept declining but I knew the funds were available. I paid using switch (Maestro) LOL

lisyloo

What you might have seen is something called "stoozing".
This is where you can transfer money from a credit card at 0% interest rate.
The problem is that there are usually fees around 3% so with todays interest rates it's barely worth it.
You also need a flexible type of mortgage where you can get the money back to pay off the credit card.

Used to work well, but these days with the charges and low interest rates, it's not really worth it for most people.

Kavanne

I think mortgage companies only accept CC payments if you are in arrears. Which is bad.

Mische

lisyloo wrote: »

What you might have seen is something called "stoozing".
This is where you can transfer money from a credit card at 0% interest rate.
The problem is that there are usually fees around 3% so with todays interest rates it's barely worth it.
You also need a flexible type of mortgage where you can get the money back to pay off the credit card.

Used to work well, but these days with the charges and low interest rates, it's not really worth it for most people.

Yeah, take it from me who did some "stoozing" in the past -- it is not worth it.

jimclark1967

I managed to pay my Abbey mortgage by credit card (Egg Money) for several months until about a year ago.

Only did it for the 1% cashback on the card. At first it was very easy, called up and requested to make a payment by credit card instead of direct debit. They would take the payment and suspend the DD for a month.

It then seemed to get harder and harder to get them to agree to it until eventually the hassle was not worth the bother so I reverted to direct debit.

So it is possible - but not at all easy.

JC