Credit card for mortgage

Nix1982

Could you use a credit card to pay the deposit on a mortgage?

Nick

Nix1982

Can you......

Bismarck

well...not directly, I don't think...but I suppose you could do a super balance transfer into your current account and use that although a good adviser could/should ask questions about affordability if you're getting round the LTV% issue that way...you may get a better (and direct) answer on the mortgages board.

Nix1982

i only need 5k deposit

Nix1982

coz ya see what it is, i was saving for the deposit - had 2.5k in my account, but also had cc debt, so i thort instead of letting the saving money just sit there i might aswell pay me card off or some of it (3.5k debt) the deal had ran out, then could always transfer the funds back off the card into my account when i need to get the deposit for the mortgage

Bismarck

it's still creating an extra debt on top of the mortgage - how long would it take you to save the rest of the deposit? I wouldn't be hurrying to buy at the moment unless I had to.

Nix1982

its nothing to serious tho, as i only need a 50k mortgage (40k for the house) buying it off parents - then the other 10k to pay off the card, and furnish the house

witches_cauldron

I know some people who did this. Why not?

ldn-100

According to Shelter more than 1 million people have used credit cards to make payments to their mortgage or rent.

http://www.guardian.co.uk/money/2007/oct/17/creditcards

Bismarck

Do you have a mortgage agreed, subject to raising the deposit? without knowing any more about the circumstances - especially the house's actual value, I can't say much more - certainly suggest posting on the mortgage board would be informative.

Nix1982

no i havent even tried for 1 as of yet, but ive been offered me mum and dads other house for 40k - but want to get 50k so i can spend 10k on it - and just say im buying it for 50k, an when the money gets transfered to me mum an dad they give me 10k