Mortgage / credit card query

nic3510

Just something im looking into not saying im going to do it just wanted some advice.

We have had out mortgage application approved and got our mortgage offer through.

The solicitors bill will just knock my husband into his overdraft so to help him stay ontop of things until we get our bond back on the rented propeperty we are in, could i apply for a 0% credit card purely just to pay this one off bill so i can pay it off myself.

Or would this affect our mortgage offer meaning would they revoke it?

Just a query thanks

kingstreet

You are advised not to apply for any new credit between applying for a mortgage and completion.

It may do no harm, but it certainly won't do any good, so avoid.

amnblog

If you are completing on a purchase deal that is leaving you no spare cash - that would be the bigger problem.

nic3510

no its not that its just a possibility that we may end up paying our last rent and 1st mortgage payment at same time depending on completion date... which is obviously something that doesn't happen every month just an unfortunate scenario

this is just something i was looking into if this happened...

our mortgage wouldn't of went through if we had no spare cash after bills etc believe me our lives were put under the microscope!

Giddypip

I have just re-mortgaged my house and advice from my financial adviser was 'under no circumstances apply for any further credit until your mortgage is complete'.

Kirstyb1987

Do not do it! I've heard and read stories of offers being withdrawn due to this.

I have to admit it does seem concerning that your buying a house and are thinking you may have to go in to an overdraft to complete! Don't you have other savings?

HappyMJ

nic3510 wrote: »

Just something im looking into not saying im going to do it just wanted some advice.

We have had out mortgage application approved and got our mortgage offer through.

The solicitors bill will just knock my husband into his overdraft so to help him stay ontop of things until we get our bond back on the rented propeperty we are in, could i apply for a 0% credit card purely just to pay this one off bill so i can pay it off myself.

Or would this affect our mortgage offer meaning would they revoke it?

Just a query thanks

Using the overdraft is fine but do not apply for any new credit before completion. Even if it leaves you with nothing until pay day you'll have to try and get by on nearly nothing somehow. You could ask for a small advance on your pay if you are monthly paid some employers really don't mind helping out.

Thrugelmir

nic3510 wrote: »

no its not that its just a possibility that we may end up paying our last rent and 1st mortgage payment at same time depending on completion date... which is obviously something that doesn't happen every month just an unfortunate scenario

Doesn't sound as if you've an ability to withstand an unexpected expense. :eek:

suebgriseum

Hi,
We have been paying down our debt for years, but seriously for 3 years.WE ARE TRYING TO MAKE A DECISION:
From 60k CREDIT DEBT TO 34K as of yesterday. I have x3 cards on AR (arrangements to pay ) the rest on high intrerest rates from 12% to 26%. This is a shard debt my husband and I.
We have not used the crds for over three years.
We pay a minimum amount of £1100 per month towards the accounts.(i forest using debt snowball system cleared balances Feb 2017., all on spread sheets!)
We do struggle but all paid on time
We had a 25k loan now this is 8.6k also @ 415 per month
We have dealt with payplan before and they have suggested a remortgage, to add circ 45k onto the mortgage, this due to our credit profile is restricting mortgage lenders and we have been offered 5.75% fixed for 2 years.
So our current mortgage is (santander ) SVR 4.74 , they said they would fix but for 3 years,but no advance.
Payplan have suggested we take the remortgage with prestige to save £1100 per month for the 2 years of the fix, and then relook at remortgaging as in theory our credit file would be better, presuming earnings are on track (self employed, tracking up by 10% up per year), this way clear the credit card debt/ loan and save 1100 per month and then re assess , ie; remortgage in 2 years time for a shorter term and at lower interest rate, in theory.........
HELP!
I know, longer term debt, pushed into the long grass but cashflow would be better, less of a struggle and then re assess ?