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Deposit - Money Transfer
ijf10
Posts: 2 Newbie
Barclaycard are offering me a low interest money transfer. I'm tempted to borrow via Money Transfer to allow me to have a higher mortgage deposit.
How would any mortgage provider view this cash? Should I do the Money Transfer 3 or 6 months ahead of my mortgage application?
Any advice would be much appreciated.
How would any mortgage provider view this cash? Should I do the Money Transfer 3 or 6 months ahead of my mortgage application?
Any advice would be much appreciated.
0
Comments
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Your better off stoozing the cash rather than a money transfer but it may effect your affordability, your effectively borrowing your extra deposit though.0
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Using any form of borrowing for a mortgage deposit is a no no. Your lender will almost certainly refuse your mortgage. Your solicitor will as for proof of where the funds came from and your lender will see the transfer to your bank on your statements should they as for them.
Hope this helps.0 -
Your deposit needs to come from savings, equity or a gifted deposit which is non-repayable. You can't use funding from a credit card.I am a Mortgage Broker.
You 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 -
I would agree it's not advisable to borrow for a mortage deposit however it is possible providing repayments are factored into affordibilty.
There are lenders who accept deposits in the form of a loan including a couple of high street banks. I'm not sure if this applies to credit card borrowing.0 -
I would agree it's not advisable to borrow for a mortage deposit however it is possible providing repayments are factored into affordibilty.
There are lenders who accept deposits in the form of a loan including a couple of high street banks. I'm not sure if this applies to credit card borrowing.
Good luck with that oneI 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 -
Good luck with that one
Many people on here said the same to me but I did it. Just about to exchange on our first house.
Loan: 29k
Purchase price: 290k
Joint Basic Salary: 69k
Mortgage and loan repayments combined come to £1500 pcm. It will take 5 years to pay the loan back. My broker was great and I would not suggest anyone do the same with out a good broker and thorough consideration.0
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