house purchasing

MILLWALL_LION

more of just a general query to be honest,

recently been accepted on an offer for a house and had my mortgage accepted! need £28000 deposit and fees on top, i have all of this in place but was wondering if its possible to take up the m&s 0% over 15 months on purchases to put towards my deposit?

this would leave me with £x (whatever the card limit is) to lock into a cash ISA for 12 months and not leave me less peniless than i otherwise would have been! and also earn to some money for vitally nothing? obviously the min. payments would be payed off and then off in full at the end of the term etc.

my big question is does paying your deposit in the solicitors count as a purchase? as you do put your card in the machine and put your pin in. and could i sweet talk him into splitting the bill to £x from my card and the rest from my debit account?

this is my first house by the way and im 22 so any help would be appreciated as this is all new to me haha :A

maninthestreet

So you want to borrow money on your CC to fund your deposit? It's unlikely this will be acceptable to the mortgage provider.

Incyder

It all sounds a bit odd but you could take cash out and say its for a private car purchase, then put it in your current account and use the debit card from it. As long as you pay the balance off at the end it will work.

MILLWALL_LION

thats the thing, for a balance transfer there is a flat fee (2-3% card dependent) whereas for a purchase there is no fee! and technically you are 'paying' the solicitor your deposit then they hold it for roughly a fortnight before 'paying' the mortgage lender! if it counts as a payment and there is no charge for using a credit card in the solicitors then surely this could work and potentially make money?!

also if not usable for a deposit could it not be used for your fees?

Yorkie1

I think you will find that most solicitors will not accept a credit card payment.

**woody123**

MILLWALL_LION wrote: »

thats the thing, for a balance transfer there is a flat fee (2-3% card dependent) whereas for a purchase there is no fee! and technically you are 'paying' the solicitor your deposit then they hold it for roughly a fortnight before 'paying' the mortgage lender! if it counts as a payment and there is no charge for using a credit card in the solicitors then surely this could work and potentially make money?!

also if not usable for a deposit could it not be used for your fees?.

Be careful when using the card to pay solicitors fees.

I think that solicitor fees would not count as a purchase but as services. Thats only a guess but i'm sure others will advise more thoroughly.

MILLWALL_LION

i will ask when i go in for my next meeting and find out for myself! never one to miss an oppertunity!

buckfast67uk

....except for the spelling lessons.

MILLWALL_LION

*opportunity

sorry dad

Richard_Webster

If the solicitor will accept a credit card he might do so for his fees and VAT but as there is usually a 2-3% hit for the solicitor if you say try to pay him £10,000 towards the purchase price on a credit card then he will only get say £9,800.

Why should he subsidise your purchase? He can choose to accept less payment for his fees perhaps balancing certainty of payment against the small loss but not for the money towards the purchase price.

Also he would have to report to the lender that you were borrowing the remaining money and they might well withdraw your mortgage offer.