First Time Buyer - Please Advise

davidw123

Hi,

I’ve made a thread in the hope that others could share the views and maybe give me a clearer sense of my current situation.

My partner and I are due to get married in August, our wedding is practically paid for in full except for roughly £1000.00ish of costs that will need to be paid. Additionally we have almost enough for a 5% deposit on a new build in our area, again with no debts (apart from my car finance which is halfway through) a good and clean credit history/score.

My reasoning for this post is that ideally we would like to buy a property before our current rental tenancy is due for renewal in June and get locked into a contract, but are still a little short and there are not many houses left on the plot that we would really like.

Would it be worth while for me to do the following:

Balance transfer from my Credit Card to my bank account the balance needed. (I have a credit card but owe nothing and very rarely use).

Reserve the property

By the time we get the house in June I would expect the cc to be paid in full (the balance required would be around 2K)

This way I can have the funds available now for the property and still have it paid before moving in. I’m not sure on how the process works but the house isn’t due ride completion until May/June.

Anyone else ever done this before? We understand the mortgage advisors will go over everything in fine detail and so are being incredibly frugal at the moment.

Please advise!

Thanks:D

G_M

davidw123 wrote: »

.....

My reasoning for this post is that ideally we would like to buy a property before our current rental tenancy is due for renewal in June and get locked into a contract,

why get locked in? go periodic. see link



* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

davidw123

I think the landlord would prefer security and would like us to sign another fixed term rather then to month to month.

PasturesNew

davidw123 wrote: »

I think the landlord would prefer security and would like us to sign another fixed term rather then to month to month.

They all say that, but with your bums already on the seats it'd be a daft LL that said no and wanted you out - in any case, getting you out takes longer than the simple notice letter issued....

Go on, take your chances.

davidw123

I appreciate that, but as I said that isn’t the only factor to this predicament. Ideally we’d like to rent for as little as possible as it’s just paying for someone else’s mortgage...

KatrinaWaves

davidw123 wrote: »

I appreciate that, but as I said that isn’t the only factor to this predicament. Ideally we’d like to rent for as little as possible as it’s just paying for someone else’s mortgage...

I'm not sure how this relates to your predicament. You have to pay rent until June. You think you can complete in May/June, which works out.

The mortgage company may require you pay off the CC by completion, but you have said you can do that anyway. Remember that using the CC for cash will probably incur interest immediately.

davidw123

Sorry I think I may have confused people.

What I meant is I didn’t want to extend it past June if that’s possible so leave when the contract ends rather then continue on a monthly basis as suggested.

My reasoning for this post is I wanted to ask if my usage of the CC for partial of the deposit would look bad on my application, it’s basically a case of cash flow and having the lump sum available as the deposit immediately to put a reservation down and take the property off the market.