Mortgage

Bleu1994

Hello!

My husband and I have a 0% credit card and wanted to know if it was safe or sensible or silly to pay off a chunk of our mortgage with it as have plenty time to pay off the credit card while it's 0% interest.

Thank you! 

CliveOfIndia

It's highly unlikely that your mortgage provider would accept payment by credit card.  Even if they do, it'll almost certainly be classed as a "cash-like transaction" by your credit card, meaning you'll be charged a cash advance fee and it also wouldn't qualify for the 0% promotional rate.

If you have a Money Transfer offer available then that may be worth exploring - though you'd have to factor in the transfer fee to see whether it's worthwhile.

Just check that there are no penalties for making overpayments on the mortgage.  Typically you can make overpayments if you're on the lender's SVR, you may be limited to no more than 10% of the balance if you're on a fixed/capped rate.  But it's worth just checking.

Peter999_2

So long as they allow you to do that.     Me and my wife did the same in 2005 using the super balance transfer on our credit card and saved quite a lot of money.