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Should you ever use your credit card to pay your mortgage?

When money is tight, you might be tempted to make your mortgage payments using your credit card, we look at whether this is ever a good idea. 426

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Why use a credit card to pay the mortgage?

This can only be down to not having enough funds to keep up mortgage payments each month, which is often the largest chunk of our essential expenses.

What's wrong with using a credit card?

While credit cards have certain benefits, they can:

  • Be expensive: You may have to pay interest if you can't clear your bill right away, making it increasingly difficult to pay off.

  • Worsen payment difficulties: Using your credit card to pay off your mortgage may help in the short term but isn't a long-term workable solution.

What should I do if I can't pay my mortgage?

What can be done instead?

If you're struggling to meet your mortgage payments there is help available:

  • Contact your lender: They can offer you a solution such as temporarily switching from a repayment mortgage to an interest-only mortgage, or a mortgage holiday.

  • Pay what you can: Paying as much of your mortgage payment as possible shows that you're making an effort to keep up with the payments.

  • Get advice: Your local Citizens Advice Bureau will be able to offer you free, non-profit advice and practical help. Shelter can also offer advice.

Is it ever an option?

Although not advisable, it is possible to meet mortgage payments with your credit card but only if:

  • Your cash flow problem is temporary and you'll have the funds when your credit card bill is due.

  • You can clear the balance on your bill in full to avoid racking up interest on your borrowing.