Use credit cards to pay off mortgage payments?

BFem

Hi all,

I'm hoping someone can help advise me about this.

I am a full time student, (get the maintenance loans etc which equal about £500 a month although this is paid every quater) and I also work part time two days a week which brings in another £520 - the money I get from my job pays the bulk of our mortgage (due to the date I get paid and the date our mortgage comes out etc so its in hte bank ready for when the mortgage comes out).

However, I am really struggling to hold down a job and keep up with, what seems like more than, my full time studies. I'm currently off work/studying as too much stress has resulted in me becoming ill. So, I really need to leave my job to ensure I can carry on and dont get like this (I only have one more year of studying to go until I get my degree).

My only idea i've come up with is that I could supplement my income that i'd lose from my job, with credit cards. Ive only had one credit card previously which only has a couple hundred left to pay. But, I'm not sure if this is a sensible way to go? The light at the end of the tunnel is that within the year (or so) we're hoping to sell my partner's nan's house - which I could use some of this to potentially pay off anything we build up on the credit card.....

Please let me know your thoughts, and whether this is sensible. Thanks so much.

beecher2

No it isn't at all sensible, and as far as I know you can't pay a mortgage with a credit card. You need to get over to the Debt Free Wannabee forum for help in upping your household income, or cutting your household expenditure.

Dave101t

classic step onto the slippery slope of doom.....dont do it.

BFem

Hey - thanks for your input. I wouldn't use that actual money to pay for mortgage payments but would just be instead of my income from work.

But anyway, the few people i've spoken to about it so far have all said the same as you two- its a silly idea. Shoulda got studying out of the way before getting a mortgage. Shoulda woulda coulda!

Thanks again.