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Have you ever bought a house on multiple credit cards? Or is it worthwhile?
leestafford
Posts: 63 Forumite
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Comments
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Absolutely not......0
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Yeah, defo, no worries....
With respect sir
- that wasn't "messing about on the net" that was, surely, something approaching st*****...... What were you really doing eh - it didn;t just "happen", "messing about" did it?leestafford wrote: »Whilst messing around on the net I ended up with £26,000 worth of credit cards!....0 -
It's certainly unconventional. Depends on a number of factors:
- Assume you'd need to take the funds as cash advances to pay the seller's solicitor. Does each card allow a high enough % of the credit limit as cash advance vs spent on goods?
- You'd need to consider the cumulative cost of interest on the repayments for each
- ...over whatever term you would be thinking about paying them off.
- Depending on both of the factors above, based on the house price you've mentioned, would an unsecured personal loan be cheaper?
Personally, it's not something I'd do but then I'm not the kind of person who randomly applies for multiple credit cards online in a single sitting either.0 -
robin_banks wrote: »A friend of mine once tried to explain about paying how her mortgage with a credit card was a good idea.
I'd imagine that was a short conversation....0 -
I've done it.
Back in the days of high credit levels I used multiple cards (all 0% interest, and all able to transfer balance to a current account) to buy a property (around £65K).
That gave me time to renovate, advertise, and install a tenant. Then a applied for a BTL mortgage and paid off the cards before the 0% rates ended.
Harder to do now as
a) difficult to withdraw cash from a card and still get 0%
b) harder to get multiple cards
c) harder to get high credit limits
d) most (all?) cards now charge transfer fees or similar even on 0% rates
But if you're careful and can achieve it, why not?0
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