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Credit Card Application effect Mortgage?
cheersthanksbye
Posts: 117 Forumite
Hi,
I have a credit card debt of 6k which is to run out next month. Also, I have currently put in an offer for a house but have not yet secured a mortgage. I really need to apply for a new credit card to shift the debt using a cheap balance transfer, but I don't want this to affect my chances of getting the mortgage approved.
What I want to know in a nutshell is, if I apply for a credit card today, will it affect my chances of getting a mortgage which I plan to apply for next week?
Cheers.
I have a credit card debt of 6k which is to run out next month. Also, I have currently put in an offer for a house but have not yet secured a mortgage. I really need to apply for a new credit card to shift the debt using a cheap balance transfer, but I don't want this to affect my chances of getting the mortgage approved.
What I want to know in a nutshell is, if I apply for a credit card today, will it affect my chances of getting a mortgage which I plan to apply for next week?
Cheers.
0
Comments
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The act of applying for a new credit card should not affect your chances of a mortgage
The balance on the credit card will however, reduce the amount a lender will look to agree for you. Some lenders will annualise a 5% payment and others 3%
HTHI am a Mortgage AdviserYou 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.0 -
The act of applying for a new credit card should not affect your chances of a mortgage
The balance on the credit card will however, reduce the amount a lender will look to agree for you. Some lenders will annualise a 5% payment and others 3%
HTH
Thanks for the help. Just to clarify the above, what does lenders 'annualiseing' mean? Many thanks.0
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