How long does it take?

Dave79_2

Hi,

finally getting on property ladder, my broker has applied on line with intelligent finance and have been accepted.

However, this is my Egg aniversary month. I have £9k that I really want in a savings account, but don't want to screw with the mortgage application by having a £9k debt appear on my credit file.

So, does anyone know when it will be safe to put the transfer through, or shall I just leave it this year?

Cheers

Joe_Bloggs

This is a tricky situation. Is the mortgage an offset deal and would the money go into the I.F offset savings account. ? Do you have other debts that have allready been taken into consideration that affected the amount lent. Could your lender misconstrue where you got the deposit? Ask your mortgage adviser, make them earn their crust. They will say probably say it is not worth the risk.

Egg will start to charge a flat 2% handling fee on anniversary offers starting May 1st. This makes their 0% offer actually 6.4% per annum. If they used the phrase interest free they would be in trouble but popping 0% all *ver the place is OK.
J_B.
* We charge a 2% flat fee in the small print.

Dave79_2

Cheers, bit more info:

Mortgage isn't offset, however, already with IF and have an offset loan (fully offset). The money offsetting the account is in an ISA, so putting the Egg card money into the Current account will mean that the ISA will earn interest tax free on the money.

Incidentally, Egg are putting the transfer rate up to 2.5% as well as uncapping it. Shame, used to be good for shifting money around with.

Joe_Bloggs

2.5% Handling Fee ! Arrghh. I blame the small print. Thanks for the correction.
This offset loan ISA thingy is a new stroke. I still have IF accounts as they were my first lender. I have not looked into the loan/ISA situation.
I did plan to invest in another mini-cash ISA with my July Anniversary Egg money. Clearly I'll have to think again.
My Current lender is very strict when credit card debt is considered. They told me to pay back my stooze money within 1 month of completion or else. It has been said before that some lenders do a very late credit check close to the time when they have to pay out funds.
J_B.

HGLTsuperstar

Dave, the 2.5% fee starts May 1st, so if April is your anniversary month, then you're one of the final lucky few