credit card house buying

magicgenie

The mortgage product I had on my flat has ended, so I'm due to get a new one as the rate is not competitive.

But I'm thinking i'd like to buy another house.

I already own 2 'Buy to Lets' and these are doing well.

It'll cost me around 10k to buy another buy to let, (50k purchase price), I'm very good with my finances, I bought my last Buy to Let on a 0% Credit card (which I'm paying off) I have 10k savings in the bank.

I'm wondering whether to borrow 10k on another credit card or pull 10k out of the value of my flat when I remortgage (which won't be a problem). I just wondered what you would do?

How much have you borrowed on 0% credit cards, I've heard stories of 20k and 30k anyone here?

Thanks for reading, hope to hear from you
kind regards
Alex

creditcardking_2

magicgenie wrote:

The mortgage product I had on my flat has ended, so I'm due to get a new one as the rate is not competitive.

But I'm thinking i'd like to buy another house.

I already own 2 'Buy to Lets' and these are doing well.

It'll cost me around 10k to buy another buy to let, (50k purchase price), I'm very good with my finances, I bought my last Buy to Let on a 0% Credit card (which I'm paying off) I have 10k savings in the bank.

I'm wondering whether to borrow 10k on another credit card or pull 10k out of the value of my flat when I remortgage (which won't be a problem). I just wondered what you would do?

How much have you borrowed on 0% credit cards, I've heard stories of 20k and 30k anyone here?

Thanks for reading, hope to hear from you
kind regards
Alex

It depends how much the credit card companies are willing to lend you. They could give you credit limits around 5 or 6 times your annual gross salary.

tomstickland

Are you paying any interest on the ccs? Or are you going to clear all of the debt before you start paying interest?

magicgenie

I have one credit card, as I said with which I bought the last house, it's 0%, I'm gonna tart it till I've paid it off.

I have savings and the value in my home to fall back on if things got tricky. Just wondering if anyone would advise me against borrowing another 10k on another card.

A

tomstickland

Well, it all depends on whether you have enough safe money to cover the debt should you need to repay it.

King_Of_Fools

magicgenie wrote:

I have savings and the value in my home to fall back on if things got tricky. Just wondering if anyone would advise me against borrowing another 10k on another card.

You had better hope that the value of your home does not fall then!