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using free overdraft as a house deposit top-up
yogiberr
Posts: 173 Forumite
hiya,
I'm buying a house soon.I have a £1000 free overdraft.I was thinking of trying to increase it to the max £2500, and adding this money to my deposit.Then using my wages to repay when the free overdraft runs out.
Also, I don't have a credit card yet, so I was thinking of getting one with fre 6 months credit and using this to pay all my bills, and either:
1) putting the the money that I wasn't spending into an ISA minicash
2) using the money I wasn't spending as an offset (if I get an offset mortgage)
I have a couple of questions:
1) How can I persuade the bank that I need the overdraft?(I already have a saving account with them, so they know that I'm not broke)
2) can anyone think of any pitfalls in the above.
PS: I see that Barclays are now taking 10 days to process the current account applications (due to demand :-) )
Many thanks,
yogi
I'm buying a house soon.I have a £1000 free overdraft.I was thinking of trying to increase it to the max £2500, and adding this money to my deposit.Then using my wages to repay when the free overdraft runs out.
Also, I don't have a credit card yet, so I was thinking of getting one with fre 6 months credit and using this to pay all my bills, and either:
1) putting the the money that I wasn't spending into an ISA minicash
2) using the money I wasn't spending as an offset (if I get an offset mortgage)
I have a couple of questions:
1) How can I persuade the bank that I need the overdraft?(I already have a saving account with them, so they know that I'm not broke)
2) can anyone think of any pitfalls in the above.
PS: I see that Barclays are now taking 10 days to process the current account applications (due to demand :-) )
Many thanks,
yogi
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