Can I use 0% purchase CC to make mortgage payments?

FairyElephant_2

Apols if this has been asked before - I looked but couldn't find an answer.

We have a new CC which gives us 0% on purchases for a year. We also could do a bal xfer, but it would cost us 3% flat fee.

What I wonder is if I can make mortgage payments using the CC, would this be counted as 'purchases'? Then we could save the mortgage money in an ISA (DH has not been able to make any payments into an ISA this year so he has the full 3k available).

Also, would Mortgage Co (Northern Rock) accept CC payments instead of DD?

Otherwise I'm tempted to swallow the 3% fee and get him to Bal Xfer 3k and stick it in an ISA, as he could have a Lloyds one at 6.15%......

Trying_to_be_good

Short answer - you can't pay credit (mortgage) with credit (card). Phone and check with NR and let us know if the rules have changed, though. Also whether it would count as a cash advance rather than a purchase, in which case NO, NO, NO! Massive interest incurred in the card.

FairyElephant_2

Thanks TryingToBeGood - thought that would probably be the case, but the idea just came to me! I'll call NR tomorrow though, just in case.....

Am already 'training' DH to use the card for any purchases he makes, then will put the amount into a savings account to get us some interest until the end of the card's interest-free period. Have set up a DD for the min. payment to the card each month.

Been a long time since I used a credit card, as my ex had lots of probs with them (and with finances in general - I became an expert at moving debt between interest-free deals!) so since happily winning the struggle to become solvent (at the same time as becoming happily divorced from ex - I wonder why?!?) I have avoided using one unless absolutely necessary for emergencies, and then always paid them off in full to avoid interest.

It's going to feel odd to have a 'debt' again, apart from the mortgage that is!

jonesMUFCforever

Fairy Elephant - you say that you could get a rate of 6.15% on an ISA.
Be careful it is not what it seems - I think you need to transfer a similar amount to a Scottish Widows investment product to get that rate. Top figure I could find for LTSB putting in £3k was 5%.