Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Beechfields
    • By Beechfields 10th Mar 17, 7:40 PM
    • 8Posts
    • 0Thanks
    Beechfields
    Money Transfers after exchanging on 1st Mortgage.
    • #1
    • 10th Mar 17, 7:40 PM
    Money Transfers after exchanging on 1st Mortgage. 10th Mar 17 at 7:40 PM
    I've recently exchanged on my first mortgage with completion due on 27th of May.

    I have a minor emergency and need around £700 to cover it. Can I do a money transfer from a credit card i already own without causing any issues?

    Many thanks,
Page 1
    • Beechfields
    • By Beechfields 10th Mar 17, 7:50 PM
    • 8 Posts
    • 0 Thanks
    Beechfields
    • #2
    • 10th Mar 17, 7:50 PM
    • #2
    • 10th Mar 17, 7:50 PM
    Thanks to anyone in advance who can help answer this. Getting me anxious as I don't want to mess up getting out first place but also am in need of the money short term. No way to borrow from friends or family either.
    • bengalknights
    • By bengalknights 10th Mar 17, 8:38 PM
    • 4,158 Posts
    • 1,519 Thanks
    bengalknights
    • #3
    • 10th Mar 17, 8:38 PM
    • #3
    • 10th Mar 17, 8:38 PM
    If the exchange has been complated, mortgage approved and credit checks already carried out then yes it would be fine.
    • Beechfields
    • By Beechfields 10th Mar 17, 9:27 PM
    • 8 Posts
    • 0 Thanks
    Beechfields
    • #4
    • 10th Mar 17, 9:27 PM
    • #4
    • 10th Mar 17, 9:27 PM
    Thank you,

    My only worry was that it states on our successful application to be wary of adding on additional credit as further checks could be carried out.

    Is this a potential issue?

    Thanks
    • venison
    • By venison 10th Mar 17, 10:27 PM
    • 1,296 Posts
    • 1,390 Thanks
    venison
    • #5
    • 10th Mar 17, 10:27 PM
    • #5
    • 10th Mar 17, 10:27 PM
    It isn't unusual now for the lender to make a final check, is it possible to get an overdraft? that might slip under the radar?
    I am now a Board Guide on the Credit card board and the Loan board and Benefits board (But give me time to learn the ropes thanks).
    • boo_star
    • By boo_star 10th Mar 17, 10:39 PM
    • 1,322 Posts
    • 669 Thanks
    boo_star
    • #6
    • 10th Mar 17, 10:39 PM
    • #6
    • 10th Mar 17, 10:39 PM
    It isn't unusual now for the lender to make a final check, is it possible to get an overdraft? that might slip under the radar?
    Originally posted by venison
    I don't think an overdraft would be any more or less likely to fly under the radar.

    Lenders don't report balances in real time, they do it once a month, so whether they'll find out will depend on whether they will do a final check and then if your CC company/bank have issued their monthly report yet.
    • Beechfields
    • By Beechfields 10th Mar 17, 10:58 PM
    • 8 Posts
    • 0 Thanks
    Beechfields
    • #7
    • 10th Mar 17, 10:58 PM
    • #7
    • 10th Mar 17, 10:58 PM
    Even if they did do a final check, would the £700 cause a huge issue?

    Otherwise I don't understand your question regarding the cc and final reports.
    • boo_star
    • By boo_star 10th Mar 17, 11:21 PM
    • 1,322 Posts
    • 669 Thanks
    boo_star
    • #8
    • 10th Mar 17, 11:21 PM
    • #8
    • 10th Mar 17, 11:21 PM
    Even if they did do a final check, would the £700 cause a huge issue?

    Otherwise I don't understand your question regarding the cc and final reports.
    Originally posted by Beechfields
    Taking on additional debt may not be looked at favourably, especially if the OP was a borderline "accept" for their mortgage.
    • KoshB5
    • By KoshB5 11th Mar 17, 4:06 AM
    • 59 Posts
    • 28 Thanks
    KoshB5
    • #9
    • 11th Mar 17, 4:06 AM
    • #9
    • 11th Mar 17, 4:06 AM
    As boo_star has stated account details are updated once a month to a CRA, so a cash advance now would be on your file before your end of May completion date.

    Your lender may not do a further check but if they do you need to be aware that CC cash advances are captured as part of your payment history, so your file will show that you used your card to take money out ( shows number of advances in a month and total value of all advances for that month). CC cash advances are noted as a distinct entry as it is an expensive way to borrow money if you aren't using a money transfer 0% promotional rate. Promotional deals e.g. 0% balance transfer are also noted by means of a flag being set for each month that a promotional rate is in place.
    Last edited by KoshB5; 11-03-2017 at 6:07 AM.
    • Beechfields
    • By Beechfields 11th Mar 17, 5:48 AM
    • 8 Posts
    • 0 Thanks
    Beechfields
    Hi all thanks for your advice.

    I would be getting a 0% interest free money transfer. My girlfriend and I weren't borderline on our checks.

    Would it still be advised to not borrow? What other options do I have? I'd be using unarraged overdraft if I don't and would incur fees.
    • boo_star
    • By boo_star 11th Mar 17, 9:03 AM
    • 1,322 Posts
    • 669 Thanks
    boo_star
    Hi all thanks for your advice.

    I would be getting a 0% interest free money transfer. My girlfriend and I weren't borderline on our checks.

    Would it still be advised to not borrow? What other options do I have? I'd be using unarraged overdraft if I don't and would incur fees.
    Originally posted by Beechfields
    Don't borrow, dipping into an unarranged overdraft is a massive no-no.
    • Beechfields
    • By Beechfields 11th Mar 17, 9:34 AM
    • 8 Posts
    • 0 Thanks
    Beechfields
    This is why I'm asking the question. I need the £700. What's the best way to get it?

    Is money transferring an option or not...seems unlikely unless I can delay the need for it.

    Are there other options?!!
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 17, 9:56 AM
    • 29,534 Posts
    • 17,348 Thanks
    YorkshireBoy
    Which credit card is offering the 0% money transfer? If it's MBNA then a cash transaction won't be recorded on your CRA file...just the debt itself.


    Why not borrow £700 from your savings?...those that are for the mortgage deposit. After all, surely you can replace it before completion date?...it amounts to just over £100 each per month between now and then. If you can't, then affordability most certainly is an issue isn't it?
    • Beechfields
    • By Beechfields 11th Mar 17, 11:29 AM
    • 8 Posts
    • 0 Thanks
    Beechfields
    I have a couple of options from cards I already own. Barclays and Lloyds.

    Deposit has been paid but I have no savings to use for it and no other way to get the money that will be needed. It will come out of my current account and will take me into an unplanned overdraft which I know is not an option.
    • Beechfields
    • By Beechfields 11th Mar 17, 9:35 PM
    • 8 Posts
    • 0 Thanks
    Beechfields
    If anyone can shed some more light on this I'd be very grateful.

    Looks like I'll need to fund it some other way. Got a broken Juno 106 synth that would be worth 1k if working i could try to sell for £600 which seems like my only option without causing issues...
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,426Posts Today

6,975Users online

Martin's Twitter