Which 1st - Mortgage or Credit Card?

Duckest

I'd like to get a mortgage (around 90%), but need to borrow the 10% deposit.

I'm hoping to get a credit card to pay this 10%.

Which should I do first...
Apply for the Mortgage or apply for the Credit Card?

I'm guessing if you already have one, it effects the outcome of the other.

Thanks

scottishblondie

Ummm.... neither! You cannot borrow to pay a deposit on a house, the mortgage lender is going to look at how much debt you have, and this will affect how much you can borrow. They may also want proof of where the deposit is coming from, and once they find out it's borrowed they won't offer you anything.

Better start saving up.

Phill_Anderson

To apply for a mortgage, first get your credit history report and check it. Your estimated credit score should be least 675 and preferably above 700. If anything less, you will need to take time to improve your credit before getting a first mortgage approval.

salau2

Credit scores mean nothing at all. Even if they did 700/999 would be rather low for prime lending. You should save your deposit.

Saints2011

Phill_Anderson wrote: »

To apply for a mortgage, first get your credit history report and check it. Your estimated credit score should be least 675 and preferably above 700. If anything less, you will need to take time to improve your credit before getting a first mortgage approval.

Haha oh dear

Percy1983

If only it was that easy, I have a credit card with £12.5k available on it which would get me 10% on some houses I am have seen, but they will see I have robbed peter to pay paul and I will get nothing.