Credit to fund House Deposit & Mortgage


Hello Money Saving Expert Forums,

I am a 24 year old looking to get my feet on the housing ladder. I’ve been saving from January this year and have put away about £7k (mostly in a Lifetime ISA and some invested in a Vanguard Index fund).

My Company is moving my office to Manchester in the next 6 weeks and rather than rent I’d quite like to get on the property ladder.

There are nice apartments that can be had from anywhere between £150k-£200k.

I’m not 100% clear on how much deposit I’d need (I’d assume 10%, but I’ve read you can get away with 5%?), so i’d assume i’m not THAT far off. Additionally from running a reselling business a few years ago where I’d buy £1000s worth of stock using a credit card and sell on for a small profit, I’ve built up a very good credit score and have about £25k of credit available to me and currently using none of it.

My question is this –

Is it possible for me to money transfer a portion of that credit (maybe £5k?) into cash in my bank that I can use for a deposit? I know the money transfer half is possible and at low rates, but can I use this cash to fund a deposit? Will the bank look into my credit report and see that I’ve borrowed some of the deposit and refuse the mortgage?

I’ve done some research myself but people seem to have different opinions, so looking for some clarity.

Many thanks,



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