how many credit cards do you have?

monkeysnail

How do you know the property is overpriced? Do you know where it is?

You know what, it's useless to talk to people who are naive about certain topics.

By the way, who's giving this as a financial suggestion? I did not suggest on this site to invest on properties.Like what I said, I just want to know if it's possible to raise cash.

This is a personal choice. Property investing came up as someone asked this. I did not mean to promote it. And I am not promoting it.

I believe in what I do, so it's non of anybody's business. All I want is the 50K raising advice and not on what to do it.

bob_builder_2

monkeysnail wrote:

I believe in what I do, so it's non of anybody's business. All I want is the 50K raising advice and not on what to do it.

Why don't you ask you mortgage provider for their advice on how to raise the deposit using credit cards?

Daddy_Bear_2

monkeysnail wrote:

Hi everyone.

Need to come up with £50K by Sept 2006. I want to know how many credit cards can you have without destroying your credit rating.

I feel that it's easier to comeup with a£50K on credit cards (between me and my husband ) rather than borrowing a loan to that amount.

I would appreciate all your insights

Oh my god! Is this for real?

Having read the posts I would guess that your flats are in the Docklands area. I heard recently that 1/3 of new flats in the Docklands are bought to live in, 1/3 are bought for BTL purposes and the other 1/3 can't be sold. There is so much unsold stock down there that prices for Docklands flats are going to crash, they are already reportedly on the way down. You've only got about 15% equity and are looking at over £1million mortgage debt total. You are so heavily geared that you are destined for financial ruin and that's without borrowing a further £50K on credit cards!

Unfortunately the banks aren't regulated to protect the likes of you from your own stupidity which is why this country is in the mess it is in now i.e. high debts and ridiculous house prices totally out of line with earnings.

Don't be too sure that those flats will be worth more in 25 years time (if you still own them then).

innovate

monkeysnail wrote:

How do you know the property is overpriced? Do you know where it is?

You know what, it's useless to talk to people who are naive about certain topics.

By the way, who's giving this as a financial suggestion? I did not suggest on this site to invest on properties.Like what I said, I just want to know if it's possible to raise cash.

This is a personal choice. Property investing came up as someone asked this. I did not mean to promote it. And I am not promoting it.

I believe in what I do, so it's non of anybody's business. All I want is the 50K raising advice and not on what to do it.

Seems you aren't prepared to listen to anything other than what you would like to hear. It's laughable that you accuse people of being naive.

smilie

Well I am doing a similar thing to the original poster....

I am purchasing some property with my father - one apartment in the UK and some other apartments overseas.

I need to raise about 95k in total, although all are off plan too, so I have time to raise the amount. So far I have raised about 30k. With an imminent bonus in next month or so, should get this to about 40k. So I need to raise about 55k. And of that, I have raised about 40k on credit cards - spread over about 6 cards. So far, it has been relatively easy to move the debt around to take advantage of the various deals going. I dont expect always to get 0%. Just care that the rate is relatively competitive.

Anyway. I know most of you on this forum will think we are all mad. But life is full of risks. I am in a relatively well paid job, so worse case I should be able to pay it all off in about 2 years anyway...

bob_builder_2

smilie wrote:

I am in a relatively well paid job, so worse case I should be able to pay it all off in about 2 years anyway...

No, the worse case would be that you lose your job due to a recession which causes the house prices to crash. You will be left with no income, a £95k debt and property worth less than your mortgage so that even if you sold them you could not even repay the mortgage, let alone your credit card debt.

monkeysnail

Smilie, try to go to the property forum instead. YOu might be able to get more help from there as a lot of them support what we do.

A lot of posts on this thread are not helpful, they're just nasty.

I hope I can help, but we're in the same dilemma.

lush_walrus

monkeysnail wrote:

How do you know the property is overpriced? Do you know where it is?

You know what, it's useless to talk to people who are naive about certain topics.

By the way, who's giving this as a financial suggestion? I did not suggest on this site to invest on properties.Like what I said, I just want to know if it's possible to raise cash.

This is a personal choice. Property investing came up as someone asked this. I did not mean to promote it. And I am not promoting it.

I believe in what I do, so it's non of anybody's business. All I want is the 50K raising advice and not on what to do it.

Im sorry but I think you may find that a lot of the people you are calling naive regarding property are anything but that. Lots of the people replying have their own BTL properties already and know how the system goes. And although you have been hit with some unhelpful replies you have also had some very honest ones who are trying to guide you too.

Personally I own a few EAs and as such completely agree that long term property always ends up rising and also agree that you need to take risks to enable yourself to grow.

But and this is where if you read through the thread the real problem with your proposal is that you do not have any money to allow you any room for a change of circumstance as I mentioned before.

Also the actual question you do ask is not one that can be answered, there are lots of people who do have £50,000 plus credit limits, but the only way for you to find out is to try to apply. There are pages and pages of details on here regarding all the different credit cards, loans etc. If I were you I would simply read them if you dont want people to make comments!

smilie

Thanks moneysnail.

Moneysnail, I think it is definitely possible to raise the money you need provided you have a reasonable income. Just be choosy which credit card companies you apply too (eg dont apply to both Halifax and BoS as they are both part of the same group, also MBNA owns a number of credit cards etc). Also, I would apply now for several, as it may take time to get the credit limits you require - you usually have to wait at least 6mths before they will increase it. You also want to apply for credit cards which will give you large credit limits - I have a 15k credit limit with both Egg and MBNA, followed by a 10k limit with Sainsbury and Halifax. Not very generous for me have been Capital 1 and Barclaycard.

Bob_Builder, It is the easiest thing in the world to be negative and do nothing. I am an accountant working in London. There is little chance of me not finding a job. Trust me. In fact, there may be even more opportunities for me if there is a recession. I have also researched in lots of detail the properties I am buying. If there is a crash, more people will rent! Anyway, only time will tell....

Daddy_Bear_2

smilie wrote:

Thanks moneysnail.

If there is a crash, more people will rent! Anyway, only time will tell....

That doesn't mean that they will be able to afford to pay enough rent to cover any BTL mortgage if and when interest rates do go up. Many newbie BTlers are only just covering mortgage costs now or in lots of cases having to cover some part of the mortgage themselves, hoping for capital gains. In fact if there is a crash, likely to be caused by spiralling unemployment in the next few years then there won't be more people around that can afford to rent, there will be less. Employment level in the UK has peaked and at an all time historic high is likely to decrease....