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  • FIRST POST
    • pete1014
    • By pete1014 11th Mar 17, 11:10 AM
    • 22Posts
    • 7Thanks
    pete1014
    Credit Card Application before Mortgage
    • #1
    • 11th Mar 17, 11:10 AM
    Credit Card Application before Mortgage 11th Mar 17 at 11:10 AM
    Hi
    Looking for some quick advice. I am hoping to apply for a first time buyer's mortgage in the next few months.

    I use a 0% credit card for work expenses at present and the 0% period is coming to an end. I would therefore like to apply for a new card but am wary of the potential impact this might have on a mortgage application.

    My last credit application was for a phone contract in August last year and have no outstanding debts / car finance etc.

    Is an application at this stage a risky move?

    Thanks
    Peter
Page 1
    • ACG
    • By ACG 11th Mar 17, 11:33 AM
    • 14,553 Posts
    • 7,263 Thanks
    ACG
    • #2
    • 11th Mar 17, 11:33 AM
    • #2
    • 11th Mar 17, 11:33 AM
    It is always best to avoid credit checks prior to an application.
    Chances are it will not be the end of the world, but nobody can say for sure it will not cause any problems.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 11th Mar 17, 1:34 PM
    • 31,140 Posts
    • 16,605 Thanks
    kingstreet
    • #3
    • 11th Mar 17, 1:34 PM
    • #3
    • 11th Mar 17, 1:34 PM
    If you use the card only for work expenses, don't you pay off the full balance each month?

    If you do, what is the significance of 0%?

    Stability in your credit history is the best thing to have on the approach to a mortgage application, so leave well alone until after completion takes place and you move.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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