Using a credit card for a loan?

WabbitWabbit

Hi, I am not too familiar with credit cards, this is what I need....

I am mortgage free with no other debts and newly self employed (18 months).

I have seen a house that I want to buy but need to find £5k and will easily be able to pay that back in 12 months.....Can I do this with a 0% credit card?

Thank you,

Pippa

[Deleted User]

Technically, yes. But if depends on you being accepted for 0% card and getting a high enough limit.

Being newly self employed and little or no credit history, I think your chances are very slim.

What precisely is the £5k for? Are there other alternatives?

WabbitWabbit

Hi, Thank you for your reply.....I do have a credit history.....did have a mortgage with the Halifax but paid it off.
I have two bank accounts one with the Halifax and one with Santander, never been overdrawn and both with healthy balances.
I have got various credit cards but I do not use them.
The house I want to buy is more expensive than my house and I have enough money to cover that but need £5K to help towards all the fees involved in buying/selling.

[Deleted User]

It sounds like it may be worth one shot at a 0% card. Either a purchases one, or a BT one, so you could use one of your other cards and then BT over. But your new self employment may be an issue. And not using your credit cards will not have helped.

Also consider whether the suppliers for the house move will accept a credit card. They may not.

WabbitWabbit

Thank you for that.......I am trying to see if family will help.....problem is that I loaned my son £14k for a masters and he has paid £5k back in a year but need a bit more yet on the other hand want him to have a life, it is just that I love this house and really want it.
Just talked to my estate agent and he says he knows of a solicitor that does take cards but yes I do feel that it is going to be hard to get one.
Thank you again,
Pippa

victoria797

WabbitWabbit wrote: »

Thank you for that.......I am trying to see if family will help.....problem is that I loaned my son £14k for a masters and he has paid £5k back in a year but need a bit more yet on the other hand want him to have a life, it is just that I love this house and really want it.
Just talked to my estate agent and he says he knows of a solicitor that does take cards but yes I do feel that it is going to be hard to get one.
Thank you again,
Pippa

wow you loaned money to your own son?!

WabbitWabbit

Do you mean that I should have given it to him?

I am a single parent, always have been.....I gave him 5k when he went off to university and then another 5k towards his accommodation when in London for his Masters.

_Andy_

victoria797 wrote: »

wow you loaned money to your own son?!

And what's so wrong with a parent lending their child money to support their education?

WabbitWabbit

Thank you Andy,
It was the best loan I ever made.......he had a career development loan but at the end of his studies the interest rate was extremely high and we both discussed this before he started his course and we agreed that it would be best if I loaned him the money and yes it is a good loan!
He now has a super job working in the city and loves living 'The London Life'
I would like to add that his father has not been in his life and I am very proud of everything that he has achieved.

Paul_the_Painter

If you've got "various" credit cards, I would suggest logging on to each account to see if they are offering any "money transfers" or "bank account" transfers. Virgin are currently offering me one. Barclays not at the moment, but it ours obvious that they do from the layout out the website, I expect when I pay off the card in 3 days time they will be! Lloyds periodically offer me one too.

If you can't get any joy through the website, it's worth giving them a call to see if they can do anything.

Virgin (mbna) wanted a 4% fee for 12 months interest fee.

jonesMUFCforever

OP Why not raise the funds on a mortgage ?