paying with a credit card...?

purplemoon

Hi,
My mum is £7000 short for paying at completion of the flat she's buying. She was relying on her brother to cover her for a short period (I think she's cashing an endowment), but he his doing a big developing project at the moment and does not have the money- and may not for several weeks. She can use credit cards until he can pay them off. However, her understaning is that you cannot pay your solicitor the funds via a credit card as the mortgage does not allow additional loans to pay the remainder of the deposit (she exchanged a couple of days ago and paid the 10%). Is this definately the case? My uncle suggested getting the maximum in cash daily, but of course she is worried it will look suspicious to the card issuer (and would be rather expensive!).
Any ideas? Thanks for any help.

Robert_Sterling

I do not know what she should do.
Perhaps her solicitor would suggest a solution.
She needs to act quickly.

A_Nice_Englishman

Has she asked her mortgage lender and her bank?

purplemoon

No, she hasn't asked her solicitor and perhaps should do. Was wondering if anyone had any prior experience in this sort of situation. She his hesitant to get a bank loan as it would be for such short term and bank loans tend to want to keep you! Also, she wants to have decent credit soon as she wants to get extra money on another mortgage to do works. Hopefully she'll find out more tomorrow.

A_Nice_Englishman

I was thinking in terms of a short term overdraft facility until the surrender value of the endowment came through rather than a loan.

Anyway, hope what she finds out tomorrow is good news!

purplemoon

Yes, it may be worth asking them if they could up it. She did have a £5000 overdraft earlier this year but financial difficulties reduced it to £500.

jamesd

She's going to need to find the money somehow so now's the time to ask the bank to help until the endowment funds are available.

Paying for stamp duty and solicitors with extra borrowing isn't likely to worry the mortgage company unduly, so long as the deposit came from her own funds.