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    • Mrstvo
    • By Mrstvo 7th Jan 18, 10:17 PM
    • 8Posts
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    Mrstvo
    Short on deposit
    • #1
    • 7th Jan 18, 10:17 PM
    Short on deposit 7th Jan 18 at 10:17 PM
    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
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 7th Jan 18, 10:29 PM
    • 6,607 Posts
    • 13,892 Thanks
    enthusiasticsaver
    • #2
    • 7th Jan 18, 10:29 PM
    • #2
    • 7th Jan 18, 10:29 PM
    I don!!!8217;t think you can do a bank transfer on a credit card unless it is a money transfer card. Why didn!!!8217;t you use the credit card for the van repairs and tools?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • lewishardwick
    • By lewishardwick 7th Jan 18, 11:05 PM
    • 545 Posts
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    lewishardwick
    • #3
    • 7th Jan 18, 11:05 PM
    • #3
    • 7th Jan 18, 11:05 PM
    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.
    • Mortgage_Adviser
    • By Mortgage_Adviser 8th Jan 18, 11:34 AM
    • 136 Posts
    • 47 Thanks
    Mortgage_Adviser
    • #4
    • 8th Jan 18, 11:34 AM
    • #4
    • 8th Jan 18, 11:34 AM
    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.
    • RedFraggle
    • By RedFraggle 8th Jan 18, 12:58 PM
    • 670 Posts
    • 1,794 Thanks
    RedFraggle
    • #5
    • 8th Jan 18, 12:58 PM
    • #5
    • 8th Jan 18, 12:58 PM
    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.
    Originally posted by Mortgage_Adviser
    Wouldn't that potentially jeopardise the mortgage following any last minute checks by the mortgage lender?
    Officially in a clique of idiots
    • Mortgage_Adviser
    • By Mortgage_Adviser 8th Jan 18, 5:28 PM
    • 136 Posts
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    Mortgage_Adviser
    • #6
    • 8th Jan 18, 5:28 PM
    • #6
    • 8th Jan 18, 5:28 PM
    Wouldn't that potentially jeopardise the mortgage following any last minute checks by the mortgage lender?
    Originally posted by RedFraggle
    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.
    • TheBanker
    • By TheBanker 8th Jan 18, 8:54 PM
    • 618 Posts
    • 1,562 Thanks
    TheBanker
    • #7
    • 8th Jan 18, 8:54 PM
    • #7
    • 8th Jan 18, 8:54 PM
    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?
    Make 10 a day challenge: Jan-18: 330 / 400
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