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Applying for a credit card whilst applying for a mortgage
cramatdel
Posts: 18 Forumite
Hi there,
I'm a first time buyer looking to buy a newbuild, which is due for completion in September or October, but the developer wants to exchange at the end of May.
I've met with the mortgage advisor and am currently applying for a mortgage through Santander. Obviously if we get it, the offer can be withdrawn while we're waiting for the property to be completed.
In the mean time, I've got a credit card which has a couple of grand on at 0%, but the rate runs out in July. Usually, I'd balance transfer it to a new card with a 0% rate, but I'm loath to apply for a credit card while we're waiting for the mortgage to start.
Would doing this significantly affect my chances of getting the mortgage or having any offer withdrawn?
Thanks.
I'm a first time buyer looking to buy a newbuild, which is due for completion in September or October, but the developer wants to exchange at the end of May.
I've met with the mortgage advisor and am currently applying for a mortgage through Santander. Obviously if we get it, the offer can be withdrawn while we're waiting for the property to be completed.
In the mean time, I've got a credit card which has a couple of grand on at 0%, but the rate runs out in July. Usually, I'd balance transfer it to a new card with a 0% rate, but I'm loath to apply for a credit card while we're waiting for the mortgage to start.
Would doing this significantly affect my chances of getting the mortgage or having any offer withdrawn?
Thanks.
0
Comments
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No new credit applications from the point you apply for a mortgage until after it completes.
It may do no harm at all, but it certainly won't do any good, so avoid.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Why not clear the credit card balance at the end of the 0% term?0
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Thrugelmir wrote: »Why not clear the credit card balance at the end of the 0% term?
All my money is going towards the deposit and solicitors fees!
Once the 0% term ends, we'll still be waiting for the mortgage to start so it could still be pulled.0 -
kingstreet wrote: »No new credit applications from the point you apply for a mortgage until after it completes.
It may do no harm at all, but it certainly won't do any good, so avoid.
I think the mortgage application will go through on Monday, so I could apply for a card today - would that have an impact?0 -
Possibly. Searches are seen by the lender and recent ones can be viewed negatively.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thrugelmir wrote: »How much of your deposit is borrowed funds?
None, I just have a long standing debt on a credit card.0 -
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I wish I got £1 for every time this question was asked on this forum.0
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Thrugelmir wrote: »What you think won't count for anything when it gets down to the nitty gritty.
Not sure what you mean?0
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