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Mortage Deposit - pay from CT card y/n ??
Xtreme
Posts: 222 Forumite
Hi all
I have a friend that is really struggling to get only the property market , she earns enough to get a mortgage of roughly £180k , but she does not have any deposit. and the banks will not give her a 100% mortgage due to her nationality / she doest have a British nationality..
she can easily afford the mortgage re-payments a month , and quite a bit extra ,so i was wondering could she potentially buy a property and then just pay the deposit from her CT card , which can go up to £9k , and then pay£500+ back on the CT card each month
would that be a problem for the mortgage lender ? or is something like that not allowed at all ?
Many thanks
ian
I have a friend that is really struggling to get only the property market , she earns enough to get a mortgage of roughly £180k , but she does not have any deposit. and the banks will not give her a 100% mortgage due to her nationality / she doest have a British nationality..
she can easily afford the mortgage re-payments a month , and quite a bit extra ,so i was wondering could she potentially buy a property and then just pay the deposit from her CT card , which can go up to £9k , and then pay£500+ back on the CT card each month
would that be a problem for the mortgage lender ? or is something like that not allowed at all ?
Many thanks
ian
0
Comments
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funding from a credit card is a big no-no for me personally due to the extortionate interest rates that you are paying back. The credit card repayment will then be taken into affordability on the mortgage application.
Where is your friend from - is she EU national or Non-EU national? If the latter, what kind of visa are they on and what job do they do?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi homer_j and thanks for your reply
I have spoken to Sarah and this is her full story :
She is South African on a work permit ,
the reason she has no deposit is due to her currently paying off her home she purchased last year , and due to the interest rate being 13% there she is using her CT card , whereby she sends home as much as she can on her current CT card currently 9k , and then transfers the balance to a new 0% CT card for 6 months , she is repaying 1.5k avg ( sometimes more ) there fore not paying any extortionate interest rates , and actually smiling all the way to the bank in South Africa.
She wants to use her CT card in the same way to obtain a 9k deposit over here , BUT can u do that ? or do you need to pay the deposit beforehand ?
her occupation is something hight up in the IT field
hope that is enough info , if not i will get her to create a MSE acc and post whatever is required
FYI i believe her salary is in the region 45k
thanks
Ian0
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