Should I Go For A Mortgage or Credit Card?

spidystrider

Hi there,
I am looking for some advice. I own my own home and will have paid off my mortgage in full within the next 5 years.
My husband and I have been thinking for a while about buying a rundown property, renovating and selling at ( hopefully ) a profit.
We have found a good buy but need a loan of £60,000, the rest we can pay with savings.
We have never had a credit card and apart from our own mortgage, we have no other debts. We were wondering if we should increase our mortgage to pay for this other property or if we could borrow the £60,000 on one or more 0% credit cards.
Would this be a good or crazy idea?
I'd be grateful for any advice.

markmc999

I seriously SERIOUSLY doubt you'd be able to get £60k on 0% credit cards. You'd probably need 30 or so - especially if you havent had any in the past you may find it really hard to get high rates.

I'd say it may be worth looking at getting a second mortgage which you can pay off in 2 years say rather than increase your own mortgage.

humfer

Go for a combination of normal loans and a remortgage, but would definately not do the credit card route. Apart from the huge interest rate difference it would take at least 12 different cards to get that about of credit unless your seriously minted of course. Plus you wouldn;t be able to get them all at once as your credit report would show some very odd occurances

spidystrider

Thanks for the advice, I will go down the mortgage route then.

Gordon_the_Moron

Look into getting a couple of 0% credit cards to make day to day purchases on so you can pay off the mortgage/loan quicker, then pay the card off at the end of the interest free period, you could save some interest that way. Doing the whole thing on 0% cards wouldn't be very practical.