We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage and credit cards

Options
I'm seriously thinking about getting a credit card to start paying for my mortgages. I have a number of buy to lets and a hefty mortgage on my own house. My reasoning for this is the high rewards I can get from the credit car company. I will, of course, pay off the credit card at the end of each month to avoid paying interest on the money.
Does anyone know which credit card would be the best to go for and provide the best rewards?

Comments

  • Farmerbob
    Farmerbob Posts: 234 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 10 August 2011 at 11:00PM
    You may find you will be charged for paying the mortgage with a credit card thats if they take credit card, and if you do pay with your credit card they may see it as a cash transaction and you may not get 0% on it. You'll find reccomended deals on the MSE main page or money supermarket
  • I personally would not do it. Sounds like you have a lot going in and out. I worry you would end up creating a mess for yourself. I guess I feel this way because after coming out of credit card debt I never want to see one in my face ever again. I plaid with snakes and got bitten
    Mortgage Balance
    10 August 2011 £238863.97:eek:
    Aim: £220500 @ 10/08/12
  • SAMMYE_2
    SAMMYE_2 Posts: 244 Forumite
    As I understand it Mortgage payments are considered cash advances so you would be charged whatever fee your card provider charges for these... I thought about doing it a while back. I think my card charges 27%

    I am currently using a 0% card to pay for day to day things so it gives me more that I can overpay. I will pay off the credit card before the 0% period ends
    [STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
    Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
    Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
    Mortgage was £690 now £560 :D
    Currently £85,203 - 71% LTV 26/08/11
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.