charging a house?

rjrs0510

Hi there,

I am a UK expat and it is really difficult for expats to get mortgages loans etc etc... the problem is that I want to buy a house. I have seen a few houses online and I could afford them by combining 80% cash and 20% credit card charge. Do you think it would be possible to pay for a house like this? Sorry if this sounds weird, but my credit card is the only source of credit that I have available... i know that I could just save up for a few more months...but I would like to know if this would be an acceptable method of payment.

Thanks!

CLAPTON

most properties are sold by private individuals who don't have CC handling facities.

so unless you have a CC that will allows large cash transfers to your bank a/c I don't see how you can do this.


you could of course put all your spendings on the CC and save the money for the house purchase.

rjrs0510

do you think this means that if is a repossessed property that the bank might accept a mixture of cash and charging my card?

mymedi

while that's true, most properties are also sold through solicitors who actually take the money from you and then do the transfer to the seller's solicitor. So, if you speak to your solicitors, they may be able to take a card payment for subsequent transfer...

System

Just imagine a section 75 on a house!

Although it is remote I think the possibility of that would stop the plan dead in its tracks unless you just use the card to transfer cash into your bank account.

Hominu

!!!!!! wrote: »

Just imagine a section 75 on a house!

I think most habitable houses are in excess of the 30K Section 75 limit

Considering a shoebox these days is 100K, that would mean putting 20K onto a credit card. I don't have any with that kind of limit (my max is about 10K), although I think the CC company would be happy charging the 2.5% transaction fee (£500) and monthly interest. I think they would probably decline a single 20K payment as well... Imagine if you said the transaction was fraudulent.

rjrs0510

i would be looking to buy something around 60k in Northern Ireland. Also, the card is not a UK issued card, it is from the country where I am resident... perhaps that complicates things even further... Ive no idea what a section 75 even is~~!~

JakeGreen

Ask the solicitors if they take credit cards.

As one of the posts above said, just do all your spending on a CC from now on so that you can buy it with cash instead.

zerog

I think it would be doable if your solicitor can accept credit card payments (at a fee obviously). You could also try getting a mortgage from the country where you live, if you will be staying there and just renting out the house in NI. I've known people who have done this, as long as you can pay it off relatively quickly.. for borrowing 12K, if rent is 4K a year and you can save 2K a year, 2 years should be fine.

rjrs0510

i tried to get a mortgage from my bank here, but they dont lend money that will be spent outside the country... I guess the best option is to ask a solicitor!

chattychappy

I would doubt a solicitor would take a CC for anything other than payment of their own fees. Money for the house would be client money.