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Which stage of the mortgage application is the deposit paid & last credit check done?
leestafford
Posts: 63 Forumite
Yyyyyyyyyyyy
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This is not going to happen.
No deposit, no mortgage.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Yyyyyyyyyyyyyyy0
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Lenders do not allow the idea you suggest and are clever enough to spot it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
OK, I best get saving!!0
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You do not 'have the deposit on a credit card'.
Money on a credit card (so, the credit limit) is not your money. It is borrowed money from a lender. Part of the problem with credit cards or loans of sorts is people getting into debt due to the attitude that credit is an extension of 'their' money. It is not. It is a short term, high interest loan. It is completely irresponsible (and fortunately not doable) to consider funding the deposit with credit.0 -
Yyyyyyyyyyyy0
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I get your calculations but it's just not doable to fund a deposit with credit cards. I sense your frustration though (our mortgage will be cheaper than rent too) - keep saving! You'll get there in the end :-)0
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Lyyyyyyyyyyggjfd0
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Each to their own, but I wouldn't live on a cycle of loans. I've seen a few of your old posts and think there's a theme.
Just be careful.0 -
you can't use a loan for a deposit! best get saving.0
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