credit card for house purchase?

2

Comments

  • obay
    obay Posts: 570 Forumite
    eskbanker wrote: »
    No, I'm not judging you - I'm just making pertinent observations based on relevant information that you've posted in other recent threads, and objectively pointing out that the default on your file will hinder your ability to get good cheap credit and that your current level of unsecured debt makes it extremely unlikely that you'd be offered anywhere near £22.5K of new unsecured credit on a credit card.

    Will see, got affordability OK through Amex, might just go with this, just wondering other options as I know that a lot of places do not take this any more.

    Perhaps, you came across very judgemental, I asked for advice, you didn't even wait for me to response before jumping down my throat.. This place has changed in the last few years.
    [STRIKE]1/12/16 - £152,599.00 [/STRIKE]
    [STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
    11/11/18 - £142,074.00
    Barclays Car (5.99%)£0/£8,832.37
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    obay wrote: »
    Will see, got affordability OK through Amex, might just go with this, just wondering other options as I know that a lot of places do not take this any more.

    From what you have posted I don't think affordability is a problem for you, but the credit limit you'll be given will be, I cannot think there is the slightest chance that Amex will offer you a limit anywhere near what you want, if you get £10K I'll be amazed.
  • eskbanker
    eskbanker Posts: 30,883 Forumite
    First Anniversary Name Dropper Photogenic First Post
    obay wrote: »
    Perhaps, you came across very judgemental, I asked for advice, you didn't even wait for me to response before jumping down my throat.. This place has changed in the last few years.
    My post that you seem to feel is judgemental was actually responding to another poster who suggested a mortgage, so I was pointing out to him that this had already been considered elsewhere. I then felt it was useful and constructive to relay other relevant info from that thread and another one (there's no point reinventing wheels or drip-feeding) that I believed (and still do) will impact on your plans.

    To reiterate, I'm not judging you, I'm just drawing objective conclusions from information you've posted, that should help you determine the best way forward. If you choose not to take it that way, well, that's your prerogative I suppose, so I'll leave you to it - good luck in your venture....
  • Sncjw
    Sncjw Posts: 3,504 Forumite
    First Anniversary Name Dropper First Post
    If you get this loan or credit card you got to think will you be able to do your remortgage plans. I'm not talking financially I'm talking about a lender accepting you it's not far away. Also given that you couldn't go through a high street mortgage providider Initially would you be accepted by them on your remortgage once you have this loan:
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Sncjw
    Sncjw Posts: 3,504 Forumite
    First Anniversary Name Dropper First Post
    If you buy this house will you have money to pay for the repairs for tenants as well as your own home, will you be able to pay the loan back when you don't have tenants in the house, will you be able to afford the insurance to become a landlord. Will you be able to afford repayments if the tenants decide to stop paying.
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • obay
    obay Posts: 570 Forumite
    Sncjw wrote: »
    If you buy this house will you have money to pay for the repairs for tenants as well as your own home, will you be able to pay the loan back when you don't have tenants in the house, will you be able to afford the insurance to become a landlord. Will you be able to afford repayments if the tenants decide to stop paying.

    Yes to all.... My job is secure and my wage is growing each month.

    I'm looking to stop working within the next few years, trying to find the best phase for this, mortgage would be cheaper of course, but it's all manageable.. I can spend a touch bit more a month and I'll still be OK.
    [STRIKE]1/12/16 - £152,599.00 [/STRIKE]
    [STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
    11/11/18 - £142,074.00
    Barclays Car (5.99%)£0/£8,832.37
  • MallyGirl
    MallyGirl Posts: 6,606 Senior Ambassador
    Photogenic First Anniversary Name Dropper First Post
    obay wrote: »
    Will see, got affordability OK through Amex, might just go with this, just wondering other options as I know that a lot of places do not take this any more.

    Perhaps, you came across very judgemental, I asked for advice, you didn't even wait for me to response before jumping down my throat.. This place has changed in the last few years.

    Do Amex do money transfers?
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  • obay
    obay Posts: 570 Forumite
    MallyGirl wrote: »
    Do Amex do money transfers?

    I do not know, and I couldn't get a definite answer from them at all.
    [STRIKE]1/12/16 - £152,599.00 [/STRIKE]
    [STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
    11/11/18 - £142,074.00
    Barclays Car (5.99%)£0/£8,832.37
  • stevenhp1987
    stevenhp1987 Posts: 907 Forumite
    First Anniversary
    obay wrote: »
    I do not know, and I couldn't get a definite answer from them at all.

    Amex don't do cash transfers, even on offer. They certainly won't be offering 0% as they simply do not like cash advances period.

    There is no Amex card with a 0% (or lower interest) cash advance/money transfer offer.

    The best bets are Barclaycard & MBNA for low interest cash advances/money transfers, but no-one will offer the amount you are looking for individually!
  • Nebulous2
    Nebulous2 Posts: 5,104 Forumite
    First Anniversary Name Dropper First Post
    stevenhp1987 wrote: »
    Amex don't do cash transfers, even on offer. They certainly won't be offering 0% as they simply do not like cash advances period.

    There is no Amex card with a 0% (or lower interest) cash advance/money transfer offer.

    The best bets are Barclaycard & MBNA for low interest cash advances/money transfers, but no-one will offer the amount you are looking for individually!

    I'd add Virgin to that list. 2 or 3 money transfer cards could do it for many people, but the issues and additional debt highlighted so far make it very unlikely that the op would qualify.
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