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Original poster

Can you make mortgage payments via credit card?

18 replies

ohhelpohnoitsa · 27/08/2016 20:48

We are not in financial trouble but I 'need' to spend a certain amount.on my credit card to gain a loyalty bonus. I could do it in half the time if I pay 3 month mortgage with it. Is this allowed? The Virgin Mortgage website shows an option for debit card payments but no.mention of credit cards. Any advice please? (Obvs the standing.order I normally have with Virgin would go straight to pay off the extra cc bill).

OP posts:
caroldecker · 27/08/2016 21:12

I would doubt it. Do cash withdrawals count (although there will be a charge)

TaIkinPeace · 27/08/2016 21:39

Yes you can
BUT
make blerdy sure that you do not clock up any interest on it

Original poster
ohhelpohnoitsa · 27/08/2016 23:05

Sorry talkin do you mean there might be a charge bt the cc company for doing this or do you mean are sure I pay off the credit card? Sounds like you have some knowledge on this.

I certainly will pay it off straight away. The loyalty bonus if I spend 10k by Christmas will pretty much pay for a holiday next year not including flights , so it's really worth having. I will ring Virgin after the weekend and read the T&C of the credit card.to make sure. Thanks.

OP posts:
Borogoves · 28/08/2016 02:17

I've worked for three different mortgage providers and none of them accepted credit card payments only debit cards.

VimFuego101 · 28/08/2016 02:19

Unlikely, and doing a cash withdrawal will probably not count towards the spend.

NewStartNewName · 28/08/2016 02:33

As a one off if you are in EXTREME financial difficulty! Otherwise no

Crisscrosscranky · 28/08/2016 09:33

I wouldn't recommend this- not sure if it is but I would expect this is some sort of credit file marker and it could affect your position to remortgage in future.

Could you buy something expensive (TV?) then return it? Blush

Original poster
ohhelpohnoitsa · 28/08/2016 10:02

I know, written in words it does sound like a crazy idea.
crisscrosscranky you are cunning!!! Never thought of such an idea.
I am going to split my Christmas shopping over the next two months or three months as well as the regular groceries and fuel etc. DH is working away a fair but so I will book his flights and hotels. I have my parents on board too - will buy their fuel and groceries on it and my darling grandma is having new tiles in her kitchen which are an expensive non slip variety . Wish me well.....I am on a mission (minus mortgage idea).........

OP posts:
Babyroobs · 28/08/2016 13:51

I don't think the TV idea would work as most stores would just refund to the same credit card.

Cassimin · 28/08/2016 13:59

I thought you couldn't pay credit with credit. Maybe the rules have changed.

heavenlypink · 28/08/2016 13:59

Mine (Virgin Money) doesn't accept credit card payments. I guess if I was in that position (not that I personally would) I would have to get the cash out on my credit card and pay in branch or transfer to current account.

TaIkinPeace · 28/08/2016 15:41

Interesting
I'm pleased to hear that they no longer accept direct payments - t'was not the case 2 years ago
BUT
I'd be a lot happier if mortgages no longer accepted cash payments
as I have clients who have maxed out cared by drawing cash and then settling bills - BAD MOVE

25 years to repay a one month bill
Check here if you do not believe me
www.mumsnet.com/Talk/legal_money_matters/1987219-SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

TaIkinPeace · 28/08/2016 15:41

End of summer bump .....
please PM me if the sheets appear broken in any way - the masters are on my hard disk

TaIkinPeace · 28/08/2016 15:42

duh wrong thread - my spreadsheets break regularly - but I love it when people download them

MrsHam13 · 28/08/2016 15:44

No you can't pay credit with credit.

TaIkinPeace · 28/08/2016 15:52

MrsHam
You can and 9% of the population do, every month.
THey draw out cash from one credit source and use it to settle another
I deal with it every month

I try to get them to print out my debt spreadsheets (allow 11 sheets of paper) to see the better way

AndNowItsSeven · 28/08/2016 15:56

Op which credit card do you have that offers such good cash back?

Original poster
ohhelpohnoitsa · 28/08/2016 20:59

andnow it's not a cashback card it's a Barclaycard / hotel chain loyalty scheme. If I can get to the next status we get 50% more points for spending at the hotel - as we already have 2 holidays pre-booked, we could get 50% more points on our stays, which then totals enough points for next year's long haul holiday! - we'd just have to pay for flights. It makes sense IF I can get to the magic limit without spending more than I normally would. I find the post about 9% of the population paying credit with credit really humbling. Here's me trying to max out on a free holiday with loyalty points, and some people are in that dire roundabout.

OP posts:
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