Part Payment of House with 0% Interest Credit Card.

[Deleted User]

If you need £5000 in cash you'd need a money transfer card to move cash to your bank

A 0% payments card is for doing a purchase - you'd need to confirm any solicitor or whatever would take them

If you have no credit history however, you may not get anywhere near a £5000 limit for cash

BucketFull

Thank you very much for your helpful reply, Farfetch. I was having a little problem understanding it all, but that has helped a lot.

Yes, I understand that it would take a while to be offered such a limit, so my plan is to apply for any card asap and use it to achieve a credit history. There is currently a very rare opportunity of a house that could possibly be within my reach and if things work out, this plan could be used towards work that will need to be done on the property, instead of the property itself.

eddddy

BucketFull said:

There is currently a very rare opportunity of a house that could possibly be within my reach and if things work out, this plan could be used towards work that will need to be done on the property, instead of the property itself.

So if you would need to buy things like building materials, a new bathroom suite, new kitchen cabinets etc, you could buy them with a 0% payments card.

But if you need to pay tradesmen to do the work (builders, plumbers etc), not so many of them will accept credit cards, so you'd need to do a money transfer from your credit card first, in order to pay them.


(If you're choosing tradesmen, it's probably best to pick them based on the quality of their work, their reputation etc - rather than based on whether they accept credit cards.)

BucketFull

Thanks eddddy, your helpful advice has been greatly appreciated!

BucketFull

Hi all.

Just an update. I managed to purchase a property without needing to resort to using a credit card. I don't think anyone would have ever allowed me any sort of limit, let alone £5000! It was difficult enough being accepted for a normal credit card!

Thanks for all the replies and advice.

Sncjw

So what did you need the 5k for in the first place. You didn't have a house from the sounds of it anyways and house purchase takes time so you could have saved 

BucketFull

Please see the fourth paragraph of my original post. I got lucky with a cheap house with some issues that nobody else seemed to want. Would need a lot more than £5000 if this wasn't the case!