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  • FIRST POST
    • Boome
    • By Boome 14th Sep 17, 1:17 PM
    • 2Posts
    • 0Thanks
    Boome
    Getting a new credit card just before mortgage application
    • #1
    • 14th Sep 17, 1:17 PM
    Getting a new credit card just before mortgage application 14th Sep 17 at 1:17 PM
    Hi,

    I was wondering if anyone could answer my question in relation to mortgages and credit cards.

    We are in the process of saving for a deposit for a mortgage and should be there in approx 4-5 months. I was looking at purchasing something and the cheapest way for me is to purchase on a 0% purchases credit card.

    My question is, would it effect my mortgage offer if I take out a credit card now and apply for a mortgage in a couple of months? I.e. Would my credit rating be affected on such a way that the mortgae rate would be worse?

    Sorry if this doesn't make sense but I am new to mortgages and don't really know much about them, except what I have read on this website!

    Any advise would be appreciated.

    Many thanks in advance

    Matt
Page 1
    • ACG
    • By ACG 14th Sep 17, 1:34 PM
    • 15,390 Posts
    • 7,782 Thanks
    ACG
    • #2
    • 14th Sep 17, 1:34 PM
    • #2
    • 14th Sep 17, 1:34 PM
    4-5 months in advance is unlikely to be a deal breaker, but it is impossible for anyone to say for sure without knowing your circumstances.
    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.
    • black_wings
    • By black_wings 14th Sep 17, 2:51 PM
    • 87 Posts
    • 31 Thanks
    black_wings
    • #3
    • 14th Sep 17, 2:51 PM
    • #3
    • 14th Sep 17, 2:51 PM
    As mentioned above it will depend on your circumstances but from experience I opened a new credit card and closed an old one down - then a month later submitted a mortgage application and it was approved without any problems so personally I don't think opening a new card 4/5 months prior to application will cause harm.
    But of course taking on new debt on the credit card will reduce your affordability - so that is probably the main thing to watch out for.
    • Boome
    • By Boome 14th Sep 17, 4:45 PM
    • 2 Posts
    • 0 Thanks
    Boome
    • #4
    • 14th Sep 17, 4:45 PM
    • #4
    • 14th Sep 17, 4:45 PM
    Thanks both.

    I appreciate the feedback
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