Terminology Help Please for credit card mortgage payment

bongoali

Hi,

I am going to call my lender to ask if they take payment via credit card.

If they do I am going to ask how they record or report this to the credit card.

Am I asking them to make sure they flag it as a 'normal purchase'

Reason for asking is I've heard if they flag is as 'cash advance' I get hit with fees from the credit card.

Can anyone help on the terminology please?

Thanks

lisyloo

The vast majority of lenders will not accept payments from credit cards.
This will only happen if you are in arrears and this is the only way they will get a payment.

Yes the terms you are looking for are purchase or cash advance.
I believe it's a purchase but best to check.

ironlady2022

I would not pay your mortgage through your credit card UNLESS this is the last resort. If you are having to resort to paying it on your card, then you are probably in financial trouble. Try Citizens Advice Bureau.

Richard019

mayling03 wrote: »

I would not pay your mortgage through your credit card UNLESS this is the last resort. If you are having to resort to paying it on your card, then you are probably in financial trouble. Try Citizens Advice Bureau.

Depends how savvy they are.

If it can be done as a purchase rather than a cash transaction though anybody with a cashback credit card or one with bonus points/air miles or some other similar reward would be well advised to put it on their credit card.

Plus it would leave you with a month's mortgage payment extra in the bank to do other tricks with, like loopholing the HBOS reward accounts for £5 a month and then leaving the money in..is it Santander currently paying about 5% on current accounts (for a year for new customers)?

anirow

mayling03 wrote: »

I would not pay your mortgage through your credit card UNLESS this is the last resort. If you are having to resort to paying it on your card, then you are probably in financial trouble. Try Citizens Advice Bureau.

Yes absolutely correct. and your poor financial condition would not be exactly music to their ears.

kev.s

can't see how this would be a "normal purchase", you're not purchasing anything, you're paying a debt with a credit card which could only be seen as a cash advance.

ironlady2022

Paying your mortgage using a credit card is bad news really and its not what lenders want to hear hence they offer this as a last resort. I would say people paying on the mortgage can't even manage their money properly, it's exactly the same as taking from Peter to pay Paul.