taking cash from cc to bank account???

guinnes.s

hello,im putting down a 25% deposit for a new house,and i am £10000 short.as i need them quick is there a way to transfer this amount from credit cards to my account???

YorkshireBoy

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#MBNA

http://www.stoozing.com/g_quickstooz.html#quick

IWantToBeFree_2

I'd say don't buy the house or look for something that is more within your means!

guinnes.s

the idea is to take a loan to pay off all the cc after i get the house

YorkshireBoy

guinnes.s wrote: »

the idea is to take a loan to pay off all the cc after i get the house

But you'll be credit scored for the loan and they'll see both a mortgage and £10K of credit card debt.

That's bound to influence their decision?

The worst case scenario is that £10K of your debt could be locked in at circa 16.9% to 34.9% APR unless your earnings substantially increase in the interim.

Think long and hard.

guinnes.s

thank you , i do understand ,what about if make up the £10000 with my ccs and is my wife asking for the loan????

IWantToBeFree_2

If the mortgage is in joint names, they will search both your files as you will be financially associated.

I can't believe that in the current financial climate, people consider putting £10k on a credit card to fund a house deposit.

YorkshireBoy

If you're financially associated they'll see your debt (joint mortgage and sole credit card) when they search her.

YorkshireBoy

IWantToBeFree wrote: »

I can't believe that in the current financial climate, people consider putting £10k on a credit card to fund a house deposit.

Maybe the OP is just chasing a better rate, rather than it being an 'affordability' issue?

IWantToBeFree_2

He says he is £10k short, to me that sounds like he can't afford it rather than he needs a better rate!

YorkshireBoy

He's £10K short for a 25% deposit. Assuming a £100K purchase price he has already got £15K savings.