Can I make a one-off monthly mortgage repayment by credit card?

Watson

For various reasons there will not be enough money in my current account to cover an upcoming monthly mortgage repayment (direct debit for £249). The bank is unsympathetic about increasing my existing overdraft to cover it, so I wonder if for this one occasion the mortgage company would accept an over-the-phone payment by credit card?

Is this something they're likely to take in their stride, or is it absolutely never considered?

I could of course ring them ("them" being the Skipton Building Society) and ask, but I thought I'd enquire here first.

Many thanks,

Watson

AndrewSmith

Debit card yes, credit card not normally.

They do not like you paying the mortgage payment from money you do not have or have had to borrow at a premium.

The vast majority of mortgage lenders (I believe the Skipton to be one of them) will not usually accept a credit card payment for your monthly mortgage payment.

Guy_Montag

Not that I would recommend it, but use the credit card to withdraw from an atm & pay it into your account.

1) You'll be heavily stung for extra interest on your card though.

2) Use an empty card too, it'll be the last money to be paid off your card, so it will run up the extra charges longer.

3) If you do this more than once, then better to talk to all concerned & deal with your debt. See the debt free wannabe board.

Watson

Andrew,

Thanks for the reply; that's pretty much what I thought. Do you think the Skipton would be sympathetic to the idea of delaying the monthly payment, or perhaps skipping it entirely? My repayment record to date has been perfect and the current situation is only a temporary one.

Watson

Watson

Guy,

Thanks for the reply. Yes, I planned to grit my teeth against the interest and handling charge and use a credit card cash advance to cover the payment. Unfortunately, when I went today to withdraw some money on my Platinum Barclaycard (current balance zero) I discovered that the facility has been withdrawn.

Watson

AndrewSmith

Watson wrote:

Andrew,

Thanks for the reply; that's pretty much what I thought. Do you think the Skipton would be sympathetic to the idea of delaying the monthly payment, or perhaps skipping it entirely? My repayment record to date has been perfect and the current situation is only a temporary one.

Watson

Best people to ask are the Skipton, but they would rather you speak to them regarding the temporary setback than not at all.

You will most likely be surprised and they may let you pay it late or indeed capitalise it into the mortgage.

Another question to ask them is whether you would qualify for a 'payment holiday'

Andrew

Guy_Montag

Any other cards you could use? Then do a balance transfer across?

Anyone you could borrow the money from? How much are you short for? Can you flog something quickly?

Watson

Andrew,

A call to the Skipton is next on my list. Thanks for the advice.

Edited to add:

The Skipton advisor was helpful, but not to the point of allowing me to avoid the payment altogether. His advice was that if I can pay at least some of the regular amount before the end of the month then I wouldn't go down on the records as a defaulter. And if the problem persists, they will help me come to an arrangement for a few months until matters are back on track.

He also confirmed that they couldn't accept a credit card payment.

Guy,

I looked at balance transfers but my other cards seem to have stopped doing them. Borrowing is a (remote) possibility and - of course - selling something is foremost in my mind...

Watson