Paying mortgages with credit cards can be ‘a good thing’

People relying on credit to pay off their mortgages or rent may be making the right move, says the Debt Advice Bureau.

The charity claims that technically buying a house on a credit card has proved successful for some people.

“If somebody’s paying considerably less on their credit card than they are on their mortgage then it’s a good thing,” said director of the Debt Advice Bureau Stephen Rose.

He added that he bought his first house using credit cards which was a lot less expensive than taking out a mortgage and it depends on what people are paying on their credit card compared to their mortgage. They may benefit from the option if it is a simple credit transition.

A survey by YouGov for ROOF magazine found that six per cent of households polled had paid their rent or mortgage costs with a credit card, equating to over a million people.

© Adfero Ltd

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