New House, suggestions?

osaddict

Hey Everyone,

I have a little plan and I wanted to see what fellow MSE forumites thought of it...

I've just purchased my first home and hence started my first mortgage. So, payments are coming out, the mortgage is running.

I need virtually everything for my new home so bed, mattress, sofa, white goods, carpets - you get the picture, a ton of necessary spending - even if I got everything bargain basement (which in some cases I'm not going to do - a decent mattress is a must).

I also travel to and from work using London Underground - so about 250 quid on contactless per month. I tend to shop at usual supermarkets and also house of fraser.

I was thinking I should:

* Apply for 123 current account to get cashback on house bills like water/gas etc
* Apply for 123 credit card, use for TFL, supermarkets and department stores
* Apply for Amex Platinum Everyday

I'm reasonably confident I'd get accepted for the above as I have a good credit rating...

1. Do you think my plan is decent?
2. Would there be a risk/negative effect of applying for the two cards in close succession?
3. Would these cards damage mortgage applications in the future? - I'll be looking for a new one in 18 months or so when my 2yr fix is over
4. Have I overlooked anything?

Oh, I should add I'd be linking these to a current account to pay off in full in each occasion...

What do people think of my plan then?!

Many thanks for reading!

Krash420

1. That plan is very reasonable, and resembles what I intend to do myself, minus AmEx, which i already have and use more than anything else...
2. Applying for two cards in succession will be a risk, as banks will wonder why you're going for so much credit now, so I'd give a month or two. In between, firstly going for Satander, and then AmEx.
3. You wont be looking for a new Mortgage in 18months time, you'll be looking to remortgage, these are different things, and yo should find it easier to remortgage, as your loan to value should have gone down (assuming its not an interest only mortgage)
4. If your mortgage is with Santander, id recommend making use of their mortgage cashback (cant remember what it is exactly, but I think its 1% cashback for any mortgage payments to a santander mortgage. If not with them, see if they have a good deal when you remortgage.

osaddict

That's a very good point. The credit isn't something I need, it was just to get some cashback or rewards for tons of spending. Hmm, one of the biggies quite soon will be a new mattress, if I get the Tempur one I've looked at it'll be 1600 or so (ouch!). I shall have to ponder

osaddict

Oh and I was going to go for a Santander mortgage but I found one that worked out cheaper even factoring in the cashback, my first offer and AIP was with Santander though.

Thanks

Krash420

Additionally, work out what Santander will give you cashback on, and use it for any cashback >1.25%, and use AmEx for everything else. personally I think that both these cards are key for a new house, especially the amount you can save. If you buy the matress during the 5% period, thats £80 cashback right there. See if you can hold out buying it till you have the AmEx as well, but if not then comfort > cashback.

osaddict

I'm wondering if I should go for 123 bank account and Amex at the same time and then add the Santander 123 credit card a bit later on. By waiting I don't think I'll be missing too much cashback compared to the opposite by waiting for Amex...

sleepyjones

Get your booty into the Competitions Forum, see if you can win some of the stuff you need to buy

osaddict

Ha ha, I never thought of that, sounds like a plan! Although for the fear of sounding like everyone else 'I never win anything'

That's a small lie though, I did win a new router with BE a while ago (wow, that was fun! lol)

sleepyjones

You never win anything because you probably don't enter that much stuff

If you enter 100 competitions from the forum, the chances are you still won't win anything!, but what you got to lose other than a bit of time when you'd probably otherwise be watching some crap on TV wondering to yourself "Why am I watching this crap?"

Here's one for a £1500 bed
https://forums.moneysavingexpert.com/discussion/5293849

Competition doesn't end until the end of September though, that might be a bit far away

osaddict

Ha ha, well, 'you've got to be in it to win it' I guess they say.

It would be more like 'why am I looking at fridges again, for the 500 time'!

sunny20

hello all i am sunny20

i am new and i could not find where to introduce myself and or post anything so i thought i shall write it here