Paying for property with cash and credit card

Countrysider

This is a very interesting thread and something i didn't realise was possible. I too was planning to buy with mostly cash + existing credit on unused cards, but thought i'd have to absorb fees for a money transfer to bank account and then a balance transfer soon afterwards. If i can make a credit card payment for the purchase to solicitor directly, and then take 56 days to pay off / transfer balance this makes things much much easier. Presumably this is something i can ask when looking to instruct a solicitor to see if it's possible.

leafy211

Ive just checked with Santander (theirs would be one of the cards).  They would accept the card being used for property purchase but said its down to the solicitor to decide if they would accept card towards the payment for the property.  Im still awaiting to hear back from my solicitor to reconfirm what he said.  

GoogleMeNow

Best to wait until the solicitor confirms.  Some solicitors don't accept credit card payments at all, just debit cards or cheques!

Countrysider

leafy211 said:

Ive just checked with Santander (theirs would be one of the cards).  They would accept the card being used for property purchase but said its down to the solicitor to decide if they would accept card towards the payment for the property.  Im still awaiting to hear back from my solicitor to reconfirm what he said.  

@leafy211 Hi OP, did you hear back from your solicitors to say they would/wouldn't accept a CC for part of the house payment? 

leafy211

Good morning Countrysider.  My solicitor/conveyancer has confirmed that credit card payments can be taken as part payment for the property.  But im still awaiting to hear back from him, what payment type the transactions would be processed as .. Ive made it clear to him that Id need it to be a transaction for a service provided, and not a cash transaction.  (For me, I dont want to pay credit card interest on such a relatively large sum of money, as would be the case with a cash transaction.).  So still awaiting that information in writing from him.   
But if the interest isnt an issue for you, then both credit card company (I checked with Tesco) and solicitor have confirmed it wouldnt be a problem to part pay on credit card for a property.

Countrysider

leafy211 said:

Good morning Countrysider.  My solicitor/conveyancer has confirmed that credit card payments can be taken as part payment for the property.  But im still awaiting to hear back from him, what payment type the transactions would be processed as .. Ive made it clear to him that Id need it to be a transaction for a service provided, and not a cash transaction.  (For me, I dont want to pay credit card interest on such a relatively large sum of money, as would be the case with a cash transaction.).  So still awaiting that information in writing from him.   
But if the interest isnt an issue for you, then both credit card company (I checked with Tesco) and solicitor have confirmed it wouldnt be a problem to part pay on credit card for a property.

That is really helpful and good to know in preparation for my own situation too, thank you! 

Best of luck with your house purchase and I do hope they provide a confirmation on the service provided vs. cash advance question. 

leafy211

ill keep you posted for sure :-)

leafy211

No exciting update Im afraid, Countrysider.  My completion date is no longer being rushed as have missed the stamp duty holiday, so now Ill have time to liquidate assets to gather all the cash needed, so wont need to resort to credit cards bridging the funding.  Good luck with your purchase! take care - Louise

Countrysider

Sorry to hear that, and I hope your purchase does eventually complete. Thank you for the update!

stressedout45

I appreciate that this is going to be an unpopular opinion but I would strongly advise against this as if you accumulate any significant debt during the buying process then your mortgage offer can be withdrawn.