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Short on deposit
Mrstvo
Posts: 8 Forumite
I've just exchanged contracts on a house however I have had to spend £1500 of my £80000 deposit on repairs and tools to my van as it was broken into, leaving me with £78500 in my deposit. Would I be able to transfer cash from my credit card to my bank account and use that towards the deposit to make the full £80000 as per my mortgage
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Comments
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I don’t think you can do a bank transfer on a credit card unless it is a money transfer card. Why didn’t you use the credit card for the van repairs and tools?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
You can normally withdraw cash on your crudely card, but expect the interest rate to be sky high. Also might take a few day to take out that much.0
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Check if your bank would lend you so called flexible loan as HSBC do. Whic hcan be repaid same way as credit cards at any time with no penalties, but un;like credit cards woild not penalaise you for withdrawals.0
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Mortgage_Adviser wrote: »Check if your bank would lend you so called flexible loan as HSBC do. Whic hcan be repaid same way as credit cards at any time with no penalties, but un;like credit cards woild not penalaise you for withdrawals.
Wouldn't that potentially jeopardise the mortgage following any last minute checks by the mortgage lender?Officially in a clique of idiots0 -
RedFraggle wrote: »Wouldn't that potentially jeopardise the mortgage following any last minute checks by the mortgage lender?
The same would apply.
Would the OP be able to borrow the money from friends and family but for the living costs so any budgeted money for the living costys coulod go for a deposit, rather than borroed money going towards the deposit.
After all is complete, OP can take out a loan etc to repay back friends and family.0 -
Don't take out cash on the credit card!
Use the credit card for everything you would normally pay cash for, and use the cash to top up your deposit. If this doesn't generate enough cash, do the same with your partner's spending, friends spending etc.
Are you expecting a refund of the costs of the break-in from your insurer?0
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