Is it possible to pay remaining mortgage balance with credit card?

aberamanboy

grumbler said:

Another option - 0% purchases card - they are easier to get and you pay no fees.

Get a flexible mortgage, switch all your spending to a 0% card and direct all 'saved' cash towards overpayments.

Ahhh! Didn't think of that! Nice one! 👍🏻😀

born_again

aberamanboy said:

Thank you.

So, suppose I get a money transfer card with a big enough limit. What's stopping me from transferring the balance of that card onto a balance transfer card whenever I see fit (Other than a failure to get approval from the lender)?

I am not concerned about making the repayments. As I said, I have some guaranteed lump sums forthcoming that will pay the majority of the balance.

Yes, you could. 
But be aware, as you pointed out in your OP. Interest rates are going up. As such CC lenders are not putting out the amount of offers they used to do. 

So no problem when the interest starts kicking in, so long as offers are there. 
👍

But as ML say's far better to payoff in the term of the card, than keep stoozing onto another card. As many have found out in the last couple of years. Offers are a lot harder to find. Especially for people that are financially stretched. Not that you sound like you are.

aberamanboy

born_again said:

aberamanboy said:

Thank you.

So, suppose I get a money transfer card with a big enough limit. What's stopping me from transferring the balance of that card onto a balance transfer card whenever I see fit (Other than a failure to get approval from the lender)?

I am not concerned about making the repayments. As I said, I have some guaranteed lump sums forthcoming that will pay the majority of the balance.

Yes, you could. 
But be aware, as you pointed out in your OP. Interest rates are going up. As such CC lenders are not putting out the amount of offers they used to do. 

So no problem when the interest starts kicking in, so long as offers are there. 
👍

But as ML say's far better to payoff in the term of the card, than keep stoozing onto another card. As many have found out in the last couple of years. Offers are a lot harder to find. Especially for people that are financially stretched. Not that you sound like you are.

Must admit that it's been about ten years since I had a run of 0% BT cards and didn't realise that this approach has since become more difficult. So it's good to be told this, and be aware of it. Thanks. 👍🏻

Ebe_Scrooge

aberamanboy said:

born_again said:

aberamanboy said:

Thank you.

So, suppose I get a money transfer card with a big enough limit. What's stopping me from transferring the balance of that card onto a balance transfer card whenever I see fit (Other than a failure to get approval from the lender)?

I am not concerned about making the repayments. As I said, I have some guaranteed lump sums forthcoming that will pay the majority of the balance.

Yes, you could. 
But be aware, as you pointed out in your OP. Interest rates are going up. As such CC lenders are not putting out the amount of offers they used to do. 

So no problem when the interest starts kicking in, so long as offers are there. 
👍

But as ML say's far better to payoff in the term of the card, than keep stoozing onto another card. As many have found out in the last couple of years. Offers are a lot harder to find. Especially for people that are financially stretched. Not that you sound like you are.

Must admit that it's been about ten years since I had a run of 0% BT cards and didn't realise that this approach has since become more difficult. So it's good to be told this, and be aware of it. Thanks. 👍🏻

Yep, a lot of lenders started to really tighten their belts when Covid first hit.  Now there's the cost-of-living crisis, energy prices, the Ukraine situation .. all of which have a big impact on the global financial landscape.

Who knows, things may get better in a year or so ... or there may be another Covid-like event, or wars may escalate, in which case things will not get better for some time.

That's the reason why you'll find the advice on these forums is always to never assume you'll be able to do a balance transfer.  Or even that you'll be able to get credit, in whatever form, easily and cheaply (I don't mean "you" personally, I mean any of us).

Marchitiello

0% balance card offers were around even when interest rates were steadily between 3 and 5% so the fact that many people keep thinking that interest at 3/4% means no 0% balance transfer offer at all does not have history to back it up. 

Ebe_Scrooge

Marchitiello said:

0% balance card offers were around even when interest rates were steadily between 3 and 5% so the fact that many people keep thinking that interest at 3/4% means no 0% balance transfer offer at all does not have history to back it up. 

It's not to do with interest rates as such, more to do with the general state of the financial landscape globally.  Of course, rising interest rates in the UK are one symptom of the wider uncertainty, but they're just a small symptom of the bigger picture.