Applying for credit card and mortgage?

tori_s

Hi. We have just put our house on the market, and we have an agreement in principle with our current mortgage providers, Nationwide. The agreement in principle has been agreed on the basis that I have about £3.5k debt on one credit card. This debt is currently interest free but the interest free period comes to an end on the 1st of June. I would normally swap this debt to another 0% credit card, however now we have the AIP I don't want to do anything to detrimentally impact my credit score and risk us getting this mortgage further down the line. As we need to save money, as the equity in our house may not be enough of a deposit and we also have a baby on the way I can not afford anything more than the minimum repayment at the moment.

So my question is: should I swap the debt to another 0% card, or should I leave it on the higher interest card and therefore potetentially increase my debt but at least there won't be another credit application on my file?

Help?! Very confused!! Thanks:)

bigadaj

All sounds a bit complicated and so many issues together isn't a great position to bein.

It probably sounds best to leave the debt on the card until you have moved house, assuming this wont be more than a few months. At 2% per month that would be costing you £70 per month in interest, not ideal but probably not a huge problem for a few months. If it is a problem then it probably means you can afford to move.

Once move is completed you can then balance transafer again.