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Mortgage and credit cards
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Archi
Posts: 1 Newbie
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?
Does anyone know which credit card would be the best to go for and provide the best rewards?
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Comments
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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 supermarket0
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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 bittenMortgage Balance10 August 2011 £238863.97:eek:Aim: £220500 @ 10/08/120
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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
Currently £85,203 - 71% LTV 26/08/110
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