Mortgage on credit card?

cooket3

Hi

Ive recently been looking at credit cards with cashback and I was wondering if it is possible to put a mortgage on a credit card and earn cashback on it? Especially if i can get 3% back!

Thanks

[Deleted User]

your lender may not allow payment by cc,the cc co may class such payments as cash advances

Buzby

Doubt it, as merchants pay a fee of 2-5% on card payments, and will be unwilling to take this hit on their bottom line.

cooket3

Im with HSBC, thought I may be wishful thinking!

thenudeone

The only way to find out is by asking your mortgage broker, but most if not all will probably say "no". Why should they pay additional fees and risk charge-backs when the whole system normally runs smoothly by direct debit?

Plxply

I imagine it's a lot less about fees and more a concern about stability, someone who needs to pay their mortgage by credit card might signal trouble.

kayleemegn

The most probable reason is that your mortgage lender does not accept payment through credit cards. Ask your lenders the mode of payment so that to get the desired cash back.

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MrSilk

Such a strange question, kind of answers itself really, if it where possible everyone would have been doing it. Well, those lucky enough to have 5* credit rating, which these days if a bonus.

cooket3

Thanks for your answers