Can a use a 0% credit card to pay of part of a mortgage

ashley86

Hi wounding if any one can help just had a thought

My fix rate of my mortgage has finished and I have 84000 on a sucure mortgage and 8000 on a unsecured mortgage I feel my 8000 isn't going down with the intrest is it possible to pay off that 8000 on a intrest free credit card or does it not or like that thanks

thenudeone

Why don't you ask your mortgage company?

mynameisdave

Probably better to start at the credit card company.

Whether the mortgage company allow it is neither here nor there if they OP will get charged interest for doing it.

YorkshireBoy

ashley86 wrote: »

unsecured mortgage

Puzzled by this?

A mortgage is a debt intrument secured on property, so how can you have an "unsecured mortgage"?

Or maybe you mean a 'further advance' or some other additional borrowing for home improvements in addition to the original sum borrowed?

ashley86

When I bought it 5 year ago it was value at 98 and I payed 102 so the way the mortgage worked out 8000 was but on a unsecured part but all still with northan rock so would it be possibly or is it a long shot

CLAPTON

you will need to checke whether the mortgage company will accept payment by credit card; most don't

izools

ashley86 wrote: »

When I bought it 5 year ago it was value at 98 and I payed 102 so the way the mortgage worked out 8000 was but on a unsecured part but all still with northan rock so would it be possibly or is it a long shot

So you have a mortgage, and an unsecured loan - separate lending accounts - bundled into one monthly payment :beer:

You'll need a "Super Balance Transfer" card which supports a 0% rate offer which pays directly in to your current account. E.g. Virgin Money.

thenudeone

mynameisdave wrote: »

Probably better to start at the credit card company.

Whether the mortgage company allow it is neither here nor there if they OP will get charged interest for doing it.

There are three ways of doing this

1) The card company is offering to pay balances off outside the visa / MC system (either as a money transfer or some other means), or pay money directly into the cardholder's bank account (which they can use to pay off the loan). This is not a balance transfer but a funds / money transfer, which rarely come with 0% offers

2) the loan provider may provide a card number to be used when processing a balance transfer through the merchants system (I've never heard of this but it may happen)

3) the loan company may ask for the credit card number and process a transaction. Then credit card company have absolutely no say in how a card transaction is processed. They are obliged to process any valid transaction from any valid merchant in whatever way the merchant has processed it.
It is entirely up to the mortgage company
a) whether they accept card payments
b) whether they process them through the card system as a cash transaction (which may mean the cardholder will be charged interest and a fee) or a purchase (much better but still may not be at 0%).
If the loan company is given the card number it will be a card transaction, not a balance transfer.