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    • obay
    • By obay 6th Sep 17, 12:31 PM
    • 322Posts
    • 191Thanks
    obay
    credit card for house purchase?
    • #1
    • 6th Sep 17, 12:31 PM
    credit card for house purchase? 6th Sep 17 at 12:31 PM
    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.
    1/12/16 - 152,599.00
Page 1
    • stevenhp1987
    • By stevenhp1987 6th Sep 17, 12:40 PM
    • 368 Posts
    • 332 Thanks
    stevenhp1987
    • #2
    • 6th Sep 17, 12:40 PM
    • #2
    • 6th Sep 17, 12:40 PM
    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.
    • eskbanker
    • By eskbanker 6th Sep 17, 1:06 PM
    • 5,466 Posts
    • 5,269 Thanks
    eskbanker
    • #3
    • 6th Sep 17, 1:06 PM
    • #3
    • 6th Sep 17, 1:06 PM
    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!
    • Ebe Scrooge
    • By Ebe Scrooge 6th Sep 17, 1:08 PM
    • 3,858 Posts
    • 3,238 Thanks
    Ebe Scrooge
    • #4
    • 6th Sep 17, 1:08 PM
    • #4
    • 6th Sep 17, 1:08 PM
    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.
    I may not know much about art, but I know what I like.
    • obay
    • By obay 6th Sep 17, 6:08 PM
    • 322 Posts
    • 191 Thanks
    obay
    • #5
    • 6th Sep 17, 6:08 PM
    • #5
    • 6th Sep 17, 6:08 PM
    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.
    Originally posted by Ebe Scrooge
    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.
    1/12/16 - 152,599.00
    • obay
    • By obay 6th Sep 17, 6:11 PM
    • 322 Posts
    • 191 Thanks
    obay
    • #6
    • 6th Sep 17, 6:11 PM
    • #6
    • 6th Sep 17, 6:11 PM
    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!
    Originally posted by eskbanker

    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.
    1/12/16 - 152,599.00
    • Sncjw
    • By Sncjw 6th Sep 17, 6:22 PM
    • 1,426 Posts
    • 856 Thanks
    Sncjw
    • #7
    • 6th Sep 17, 6:22 PM
    • #7
    • 6th Sep 17, 6:22 PM
    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.
    • Sncjw
    • By Sncjw 6th Sep 17, 6:25 PM
    • 1,426 Posts
    • 856 Thanks
    Sncjw
    • #8
    • 6th Sep 17, 6:25 PM
    • #8
    • 6th Sep 17, 6:25 PM
    I doubt you will get a low Apr on a loan that high as well
    • meer53
    • By meer53 6th Sep 17, 6:48 PM
    • 8,824 Posts
    • 12,801 Thanks
    meer53
    • #9
    • 6th Sep 17, 6:48 PM
    • #9
    • 6th Sep 17, 6:48 PM
    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.
    • obay
    • By obay 6th Sep 17, 6:55 PM
    • 322 Posts
    • 191 Thanks
    obay
    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.
    Originally posted by meer53
    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..
    Last edited by obay; 06-09-2017 at 6:57 PM.
    1/12/16 - 152,599.00
    • eskbanker
    • By eskbanker 6th Sep 17, 6:58 PM
    • 5,466 Posts
    • 5,269 Thanks
    eskbanker
    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.
    Originally posted by obay
    No, I'm not judging you - I'm just making pertinent observations based on relevant information that you've posted in other recent threads, and objectively pointing out that the default on your file will hinder your ability to get good cheap credit and that your current level of unsecured debt makes it extremely unlikely that you'd be offered anywhere near 22.5K of new unsecured credit on a credit card.
    • obay
    • By obay 6th Sep 17, 7:02 PM
    • 322 Posts
    • 191 Thanks
    obay
    No, I'm not judging you - I'm just making pertinent observations based on relevant information that you've posted in other recent threads, and objectively pointing out that the default on your file will hinder your ability to get good cheap credit and that your current level of unsecured debt makes it extremely unlikely that you'd be offered anywhere near 22.5K of new unsecured credit on a credit card.
    Originally posted by eskbanker
    Will see, got affordability OK through Amex, might just go with this, just wondering other options as I know that a lot of places do not take this any more.

    Perhaps, you came across very judgemental, I asked for advice, you didn't even wait for me to response before jumping down my throat.. This place has changed in the last few years.
    1/12/16 - 152,599.00
    • agrinnall
    • By agrinnall 6th Sep 17, 7:18 PM
    • 18,406 Posts
    • 14,122 Thanks
    agrinnall
    Will see, got affordability OK through Amex, might just go with this, just wondering other options as I know that a lot of places do not take this any more.
    Originally posted by obay
    From what you have posted I don't think affordability is a problem for you, but the credit limit you'll be given will be, I cannot think there is the slightest chance that Amex will offer you a limit anywhere near what you want, if you get 10K I'll be amazed.
    • eskbanker
    • By eskbanker 6th Sep 17, 7:45 PM
    • 5,466 Posts
    • 5,269 Thanks
    eskbanker
    Perhaps, you came across very judgemental, I asked for advice, you didn't even wait for me to response before jumping down my throat.. This place has changed in the last few years.
    Originally posted by obay
    My post that you seem to feel is judgemental was actually responding to another poster who suggested a mortgage, so I was pointing out to him that this had already been considered elsewhere. I then felt it was useful and constructive to relay other relevant info from that thread and another one (there's no point reinventing wheels or drip-feeding) that I believed (and still do) will impact on your plans.

    To reiterate, I'm not judging you, I'm just drawing objective conclusions from information you've posted, that should help you determine the best way forward. If you choose not to take it that way, well, that's your prerogative I suppose, so I'll leave you to it - good luck in your venture....
    • Sncjw
    • By Sncjw 6th Sep 17, 8:43 PM
    • 1,426 Posts
    • 856 Thanks
    Sncjw
    If you get this loan or credit card you got to think will you be able to do your remortgage plans. I'm not talking financially I'm talking about a lender accepting you it's not far away. Also given that you couldn't go through a high street mortgage providider Initially would you be accepted by them on your remortgage once you have this loan:
    • Sncjw
    • By Sncjw 6th Sep 17, 8:48 PM
    • 1,426 Posts
    • 856 Thanks
    Sncjw
    If you buy this house will you have money to pay for the repairs for tenants as well as your own home, will you be able to pay the loan back when you don't have tenants in the house, will you be able to afford the insurance to become a landlord. Will you be able to afford repayments if the tenants decide to stop paying.
    • obay
    • By obay 6th Sep 17, 9:05 PM
    • 322 Posts
    • 191 Thanks
    obay
    If you buy this house will you have money to pay for the repairs for tenants as well as your own home, will you be able to pay the loan back when you don't have tenants in the house, will you be able to afford the insurance to become a landlord. Will you be able to afford repayments if the tenants decide to stop paying.
    Originally posted by Sncjw
    Yes to all.... My job is secure and my wage is growing each month.

    I'm looking to stop working within the next few years, trying to find the best phase for this, mortgage would be cheaper of course, but it's all manageable.. I can spend a touch bit more a month and I'll still be OK.
    1/12/16 - 152,599.00
    • MallyGirl
    • By MallyGirl 6th Sep 17, 9:06 PM
    • 1,897 Posts
    • 6,319 Thanks
    MallyGirl
    Will see, got affordability OK through Amex, might just go with this, just wondering other options as I know that a lot of places do not take this any more.

    Perhaps, you came across very judgemental, I asked for advice, you didn't even wait for me to response before jumping down my throat.. This place has changed in the last few years.
    Originally posted by obay
    Do Amex do money transfers?
    • obay
    • By obay 6th Sep 17, 9:21 PM
    • 322 Posts
    • 191 Thanks
    obay
    Do Amex do money transfers?
    Originally posted by MallyGirl
    I do not know, and I couldn't get a definite answer from them at all.
    1/12/16 - 152,599.00
    • stevenhp1987
    • By stevenhp1987 6th Sep 17, 10:50 PM
    • 368 Posts
    • 332 Thanks
    stevenhp1987
    I do not know, and I couldn't get a definite answer from them at all.
    Originally posted by obay
    Amex don't do cash transfers, even on offer. They certainly won't be offering 0% as they simply do not like cash advances period.

    There is no Amex card with a 0% (or lower interest) cash advance/money transfer offer.

    The best bets are Barclaycard & MBNA for low interest cash advances/money transfers, but no-one will offer the amount you are looking for individually!
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