Use a credit card to part fund a house purchase

creditbasedquestions

Hi. Apologies, but I could not find an answer to this question

Is it possible to use a credit card 0% facility to part fund the purchase of a house, with cash making up the rest?

Thanks

[Deleted User]

If you can find someone to accept the card, yes. A money transfer option would be less problematic.

davidmcn

Yes, but not directly, as your solicitor won't accept credit cards.

AdrianC

Deleted_User wrote: »

If you can find someone to accept the card, yes. A money transfer option would be less problematic.

And would be almost certain not to get the 0%, since it'd be a cash transfer.

If you need to, you can't afford the house. A better bet would probably be to put all your normal spending on the card and build your current account up.

goodwithsaving

Irresponsible. Save a bit longer

Doozergirl

goodwithsaving wrote: »

Irresponsible. Save a bit longer

Really? Relative short term lending at a low rate with no upfront fees like a mortgage and rates lower than a personal loan. Borrowing much lower than the minimum mortgage amount? Half decent credit rating to have the balance available. The rest of the house purchased outright with cash?

It!!!8217;s only irresponsible if you are being irresponsible. I know it!!!8217;s hard, but we are allowed to treat people like adults on this board.

goodwithsaving

I have to apologise for not reading the OP properly and jumping. Thank you DoozerGirl for pointing this out. I for some reason read it (probably due to many posts around putting fees etc. on card) and completely missed the point about cash. A lot of people want to put solicitor fees etc. on card and rack up credit debt and I just assumed (wrongly) that OP was another of those.

If you've saved to buy outright except a small amount on a 0% card, good for you.

I'm sorry for jumping the gun and can now see where you are coming from.

pinklady21

To qualify for a 0% rate, you would probably need to withdraw cash on one card, use that to pay the house or other expenses of purchase, and then transfer the balance to a new card with 0%.
Only issues with this:
1. A mortgage can be repaid over a long period, even the best CC deals will need to be repaid far sooner.
2. Having sufficient credit available on your CC - you may not be able to withdraw cash up to the full value of your credit limit.
3. You can afford the monthly CC payments, as well as your mortgage payments and other expenses.
4. You can pay off the CC before the 0% period runs out.
Best of luck!

ashe

pinklady21 wrote: »

To qualify for a 0% rate, you would probably need to withdraw cash on one card, use that to pay the house or other expenses of purchase, and then transfer the balance to a new card with 0%.
Only issues with this:
1. A mortgage can be repaid over a long period, even the best CC deals will need to be repaid far sooner.
2. Having sufficient credit available on your CC - you may not be able to withdraw cash up to the full value of your credit limit.
3. You can afford the monthly CC payments, as well as your mortgage payments and other expenses.
4. You can pay off the CC before the 0% period runs out.
Best of luck!

Plenty of credit cards allow promotional rate bank transfers. Mbna are forever sending me offers about it.

casper_g

Tesco Bank are constantly offering me interest free money transfers, and have been for years. You could happily use the money for anything you like once it's in your account.

It'd be problematic to try and use a credit card towards a mortgage deposit, but that's not relevant to this thread!

pinklady21

Yes - I did say "probably"!
the CC co may be offering promotional rate for cash transfers, but there is still likely to be a fee to pay which needs to be factored in.