Safe time to apply for credit card after mortgage application

LuSiVe

So, did my mortgage application last night with Nationwide.

This'll be my first house and I need to buy loads of stuff straight away. I have the money to do it but for cashflow reasons would like to apply for a 0% on purchases credit card so I can keep access to my savings for a while in case of emergencies.

Am I safe enough to do that now? Not really bothered if I get turned down for the card (I have a few already with no outstanding balance but got turned down on the last card application a year ago, although I've closed a couple since then). I do *not* want to hurt the mortgage application.

Don't intend to actually spend anything on the card until after completion.

DannyboyMidlands

So why not just wait until you have completed?

LuSiVe

Because it'll likely take at least a couple of weeks after applying for the card to actually have it? Also if the mortgage valuation comes back too low and I have to up my deposit or it turns out the house will need work doing that I'm not anticipating I'd at least know I had the card to fall back on?

I *can* wait but am going to need to buy some things before I move in, so wondered if I needed to...

dj.boz

I wouldnt buy anything until you have at least exchanged for a new property, until then you just do not know what will happen.

Also lenders may choose to do a further check near completion, and this could jepordise you mortgage, so the general thinking is to wait until after completion to apply for additional credit.

I know many people (including me) want everything in place the minute we walk through the door the first time, but you need to be patient. Living without a few 'likey things' for a couple of weeks is not a bad trade off to having you desired property!

kingstreet

Absolutely no new credit should be sought until after completion takes place. No new searches between application and completion under any circumstances.

I have had clients see their mortgage reduced becuase they applied for credit between application and completion.

martinsurrey

LuSiVe wrote: »

So, did my mortgage application last night with Nationwide.

This'll be my first house and I need to buy loads of stuff straight away. I have the money to do it but for cashflow reasons would like to apply for a 0% on purchases credit card so I can keep access to my savings for a while in case of emergencies.

Am I safe enough to do that now? Not really bothered if I get turned down for the card (I have a few already with no outstanding balance but got turned down on the last card application a year ago, although I've closed a couple since then). I do *not* want to hurt the mortgage application.

Don't intend to actually spend anything on the card until after completion.

as all have said, dont get a new card untill completion.

Solution.

Put all the new stuff on the existing cards, apply for a mixed 0% purchase and balance transfer card AFTER completion, and balance transfer all the purchases.

Job done, and zero risk.

LuSiVe

Yep ... will have to do that. Thanks ... it's what I thought really. Was hoping to save the balance transfer fee but in the scale of things it probably will be a drop in the ocean.

hazyjo

Don't forget, nothing's guaranteed until you exchange/complete. If you lose the property and end up buying something else, it will definitely be showing on your file. Not a good idea, as above, until you're in.

Jx