Stoozing and credit checks

coldstreamalways

I've just got myself an interest free for 16months credit card and I'm planning on using it to pay some money off my mortgage so I can let my flat as OH and I are buying a house. Hope that makes sense. We can't get a new mortgage until we have consent to let from our current lender but we need to reduce the LTV by paying about 6k in order to get this.

My mortgage advisor has asked me for any outstanding loans and credit card balances and has told me that she will do a credit check. At present, other than my mortgage, I have no outstanding loans.

If I whack 6k onto this interest free card now in order to get the consent to let, will this affect my credit check for the new mortgage?

I have never defaulted and have no adverse credit history, I just want to make sure I do this right as we have found our dream home.

Many thanks

YorkshireBoy

If you act quickly, all that will be visible on the mortgage application credit search is a credit card application search.

If you delay (and I'm not sure how long for...1-3 months?) then the account will be 'established' and any credit limit/debt placed on the card will be visible on the mortgage search.

Does that make sense?

coldstreamalways

So I need her to do the credit check ASAP?

LongTermLurker

coldstreamalways wrote: »

So I need her to do the credit check ASAP?

Yes, while searches will be borne in mind, it isn't necessarily "available credit" and as YB says in a month or 2 your Virgin credit agreement will be very visible, along with the amount you've borrowed. Until then it will just appear that you've applied for a credit card.