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mjkyorkshire1

After my recent divorce I'm about to start back on the first rung of the property ladder, either buying or renting.
My parents have offered to give me a little boost with an interest free loan, but I'm not sure whether it would be more beneficial to use it to clear a credit card that I've been left with, or towards a deposit for a house.
Any tips or experiences gratefully received...

[Deleted User]

You'd need to discuss with them first.

But you should use it to clear the card, as a) presumably this is costing you interest and b) a lender won't accepted a borrowed deposit.

grumbler

Deleted_User wrote: »

But you should use it to clear the card, as a) presumably this is costing you interest and b) a lender won't accepted a borrowed deposit.

(b) is debatable IMO.
(a) - depends on the actual figures. It's not impossible that a lower rate mortgage with a bigger deposit is more beneficial in the long run.