deposit or repay debt

garydufley

Hi

I'm looking for some opinions on my situation.

I'm looking at buying a (first time) house within the next 6 months, I already have a deposit that would be over the minimum required

I have roughly 3.5k outstanding on a bank loan

I don't know if it would be better to clear the loan out of my deposit money (still would be over the minimum) or get a balance transfer on a 0% card (initial handling fee) and keep that money toward being able to offer more as a deposit

Thanks

middleclassbutpoor

if you can make it work with no debt, then that would always be preferable.

Debts affect your affordability. A bank loan is probably better than a credit card in terms of affordabilty calcs also..

garydufley

Thanks for the reply