Need a mortgage deposit... Credit card balance transfer or other

Ventius

Hello,
I'm trying to raise about £15K for a deposit on a house. I've been looking into signing up to a credit card or two in an effort to get hold of this cash.
Can someone please tell me if I can transfer a balance from new 0% credit cards into an existing bank account without incurring cash withdrawl interest rates, or if I need to transfer into another credit card and then transfer that to the vender or their agent?
Thanks for any advice.
Puzzled.
V

nickmack

Ventius wrote: »

I'm trying to raise about £15K for a deposit on a house. I've been looking into signing up to a credit card or two in an effort to get hold of this cash.
Can someone please tell me if I can transfer a balance from new 0% credit cards into an existing bank account without incurring cash withdrawl interest rates, or if I need to transfer into another credit card and then transfer that to the vender or their agent?

Generally not considered a good idea.

http://forums.moneysavingexpert.com/showthread.html?t=827327

Your lender will want to know about any outstanding CC balances and these may be deducted from your affordability calculation. It's also likely to set alarm bells ringing that you're struggling to afford to finance this property.

Ventius

I get the message.
Thanks!!!!!
V

epsilondraconis

Have you thought of simply saving for the deposit money? Once you have saved the cash, you may find that houses prices have dropped from their current levels anyway.
I wouldn't advocate the credit card route for a house deposit...

Edit - Looks like I was writing this post whilst V was submitting post 3 at 5:18pm. Good luck V.

nzseries1

The sheer title of this thread set alarm bells ringing.
It is of course possible, but it's a scary thought !!

Mozette

I would say that if you need to do this, and if you even imagine it's a good idea, you really need to be not buying a house because you can't really afford to at the moment.

Ventius

Hello
Thanks for all the above advice.
I (we) can actually afford the house but not the deposit. There's a difference. I don't have much debt and have affordable spare cash but not £15K. To complicate matters but nicely, we're getting married this year so thats where our savings are tied up.
The credit card enquiry was only an avenue of many to check and I'm glad of the sage pointers. As stated by a respondent, were're going to wait. Its cheaper renting and so allows us to save. Probably good all round advice in times like these.
Cheers
V