Does stooze pot affect new mortgage application?

pshelton_2

Hi

2 questions - hope you can help out there

1. Just wondered if you had a large stooze pot and then wanted to move house and borrow more money for your mortgage could it damage your chance of getting a new mortgage?
2. When the zero rates come to an end do folk generally pay off and start again or switch the debt to new cards?
If you switch the debt to new cards how do you time switching the debt and what if the new card only offers to pay off a portion of the debt from the card that is nearly ending the 0% period? How do you find this out quickly as you can put down the card number you want to BT on on the application for the new card but you could end up with debt onthe old card if you don't time it well.

If you pay them off each time this seems more straighforward? or am I wrong.
thanks

grumbler

1. Have a look at this thread: credit status

2. Of course, switching to new CCs is better, in patricular because very few cards offer SBT now. It is usually advised to apply for new card(s) at least 6 weeks before the 0% period ends. In case you don't get sufficient credit limit use what you got, apply for other card(s) and be ready to pay the rest with easy-access money or to pay interest ...

pshelton_2

thanks Grumbler.
I've had a look at the other threads re mortgage applications and the bottom line is that IT CAN AFFECT YOUR APPLICATION WITH SOME LENDERS even if you show them you have the money cashed away. Very good to know.

re point 2 - I was thinking of using the egg card to get debt quick - then pay off via a transfer from HiSAVE to current account to CCard and then start over agian. But you think just bouncing balances is better?
cheers

grumbler

pshelton wrote:

...re point 2 - I was thinking of using the egg card to get debt quick - then pay off via a transfer from HiSAVE to current account to CCard and then start over agian. But you think just bouncing balances is better?
cheers

I have only Egg Money and am not sure about Egg Card. Don't you pay 2% BT fee now? Using Egg is probably the only way for regular SBTs now. I think it is better not to attract their attention by high traffic through your account and use other ways as much as possible. Hence, direct BTs are better IMO.