The simple answer to this question is, yes, you can in fact use your credit card to pay your mortgage, provided your card issuer, card network, and mortgage lender agree to it. Whilst it is indeed possible, this does not mean that it is the best option, and you should definitely consider the alternative options to manage your home loan repayments. It may seem like an ideal option to pay regular instalments. However, the higher rate of credit card interest could have long term repercussions.
The main issue when it comes to using a credit card is the expense. Whilst your mortgage payments are managed, if you do not pay it off immediately, you will accumulate high interest on your credit card bill.
To avoid worsening your financial situation, we would recommend that you get in touch with your lender. If you get in touch with us here at Eminence Mortgages, we will be here to discuss your potential options. The important thing is that you carry on paying what you can towards your mortgage. It really is vital to demonstrate to your lender that you are still doing your best to keep up with the payments, and if you show your commitment to paying off your debts, it’s likely that they will be more understanding.
One instance where it may be okay to use your credit card to pay your mortgage is if your financial difficulties are only temporary. Alternatively, it would be okay if you have confidence that in the long term, you will regain financial stability.
Really, it is a good idea to think about the potential consequences of using a credit card to pay off your mortgage, such as the impact on your credit rating. You should also look at whether your credit card company and mortgage lender will allow you to use a credit card to pay off mortgage payments.