We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards