credit card for house purchase?
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obay
Posts: 570 Forumite
in Credit cards
I found a good house to buy (not so locally) but close enough to warrant a second house purchase, the house is purchasable at £30,000. I have £7500 already so I only really need £22,500 to fund this purchase. (I have £1k for legal also).
Can anyone tell me what card I should have to be able to fund a house purchase? That the balance doesn't need to be paid off in a month and has a 0% interest period? with the monthly payments low?
I'm looking to pay back £250-£300/month including interest, hoping someone has anything that can help me with.
Can anyone tell me what card I should have to be able to fund a house purchase? That the balance doesn't need to be paid off in a month and has a 0% interest period? with the monthly payments low?
I'm looking to pay back £250-£300/month including interest, hoping someone has anything that can help me with.
[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.37
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.37
0
Comments
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I'm unsure (only if you are a millionaire!) you will be able to get a credit card with a ~£25k limit (around 90% of limit for cash transfer).
Are you not better off getting a mortgage? You could get a personal loan, but a mortgage would give a better interest rate.0 -
OP did start by looking for a BTL mortgage but someone on their other thread suggested a credit card: http://forums.moneysavingexpert.com/showthread.php?t=5705492
However, there is also mention in that thread of £15K of unsecured debt and another thread talks of a default on the credit files, so securing a massive limit on a credit card would seem somewhat ambitious!0 -
Is this a serious post ???
Firstly, a house for £30K ? Is it a mobile home or something ? I can't imagine what sort of house would be only £30k.
Secondly, even if you could get a card with a £22.5k limit ( highly unlikely ! ), if you're paying back £250 a month that would take you 7 1/2 years, even without interest. No card would offer a 0% promotional rate for anything approaching that length of time.
How about an ordinary mortgage ? Though for a second home, I know you can't always get an ordinary residential mortgage. But that's going to be the most sensible option.0 -
Ebe_Scrooge wrote: »Is this a serious post ???
Firstly, a house for £30K ? Is it a mobile home or something ? I can't imagine what sort of house would be only £30k.
Secondly, even if you could get a card with a £22.5k limit ( highly unlikely ! ), if you're paying back £250 a month that would take you 7 1/2 years, even without interest. No card would offer a 0% promotional rate for anything approaching that length of time.
How about an ordinary mortgage ? Though for a second home, I know you can't always get an ordinary residential mortgage. But that's going to be the most sensible option.
Yes, I found a house for £30k - I already have 7.5k to get the LTV to 75%.
It's a attached house in a location close to me.[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
OP did start by looking for a BTL mortgage but someone on their other thread suggested a credit card: http://forums.moneysavingexpert.com/showthread.php?t=5705492
However, there is also mention in that thread of £15K of unsecured debt and another thread talks of a default on the credit files, so securing a massive limit on a credit card would seem somewhat ambitious!
Are you judging me? I'm sorry but over the last 5 and a half years, I have grown up, got my own mortgage and started overpaying this, unfortunately I have little equity in my house as it started so recently.
Yes, I have 15k of unsecured debt, only recently I have had this, It's manageable, as I pay more then the minimum back each month + £50 if you must know.
I have most stuff on interest only currently, I will not need to get a card to transfer as the way I'm going, I'll have paid everything off within the next 18 months.
Third and lastly, I earn way above my borrowing, but I just don't have the initial capital to fund this from my own pocket.[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
Your not going to get 22k limit when your paying back a 15k debt. Also at a 0% rate as well.
How much do you earn.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.160 -
I doubt you will get a low Apr on a loan that high as wellMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.160 -
Why do you have £7500 to put towards a house when you have £15k of debt ? Look for a second house when you have no debt and spare cash.0
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Why do you have £7500 to put towards a house when you have £15k of debt ? Look for a second house when you have no debt and spare cash.
It's very manageable, It's made up of three agreements excluding my mortgage payment. I have a very good high paid job, it's not a problem.
Again, I have the savings from work, I over pay everything I have.. This isn't about what I have had, it's about managing money sensibly. Of which I now do thanks to that default from 5/half years ago on me, of which I have learnt to properly budget my self.
I have a good round spare amount per month that I put into my savings and or mortgage depending on what I want to do..[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
Are you judging me? I'm sorry but over the last 5 and a half years, I have grown up, got my own mortgage and started overpaying this, unfortunately I have little equity in my house as it started so recently.
Yes, I have 15k of unsecured debt, only recently I have had this, It's manageable, as I pay more then the minimum back each month + £50 if you must know.
I have most stuff on interest only currently, I will not need to get a card to transfer as the way I'm going, I'll have paid everything off within the next 18 months.
Third and lastly, I earn way above my borrowing, but I just don't have the initial capital to fund this from my own pocket.0
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