Using credit card to pay off mortgage?

itsonlymeee

I'm coming to the end of my fixed term deal and only have 15 months left on my mortgage, Unfortunately I have to move onto the standard variable @ 7.99% so I was wondering if it would be possible and cheaper to pay the balance of my mortgage on a credit card then do a balance transfer onto another card with a 3% fee?
Thoughts please

Brie

Your bank is unlikely to allow you to pay the mortgage with a CC.  But you could do a money transfer, pay the mortgage from your bank account and then do the 0% BT to another card.  Check if that will end up costing you more as some MTs charge more than BTs.  So you might pay 5% for the MT and then 3% for the BT so won't be any better off.

born_again

Could you not get another fixed term mortgage deal?

powerspowers

Could you put your daily expenses on a 0% CC then overpay the mortgage with your income? 

Have you checked how much the interest will be? Even though it’s a high APR it’ll be a small balance so might not be as bad as you think? Although better in your pocket! 

Brie

If you simply went for the bank flexi mortgage you might do quite nicely as there's a prediction of 4 interest rate reductions in the coming year.

GrumpyDil

 powerspowers said:

Could you put your daily expenses on a 0% CC then overpay the mortgage with your income? 

Have you checked how much the interest will be? Even though it’s a high APR it’ll be a small balance so might not be as bad as you think? Although better in your pocket! 

This, if you don't go onto a new mortgage deal there won't be any overpayment limit and likely to work out cheapest in long run, depending upon what limit you are offered.