Help me plan borrowing

thenewbee · 29 February 2016 at 11:27PM

We are extending our home this spring and putting in a new kitchen and bathroom. Budget is max 30,000 - we have 8,500 saved (aiming to top this up to 10 by the time work begins)

Trying to work out most MSE way of borrowing the rest. Considering money transfer cards & one traditional cc to pay for the kitchen (4k). Currently have a mortgage and 1400 cc debt that's recently been transferred to a 0% balance transfer card. Think I have 3k left of the limit on there..

I'm completely new to the concept of money transfer cards. How could me and my partner work it so we get maximum money for minimum fees? Apply for one each? Any help or advice from those more familiar would be appreciated :beer:

YorkshireBoy · 29 February 2016 at 11:37PM

Unless, and even if, you're both high earners I'd suggest each of you applying for two cards (MBNA and Virgin) in order to put you in the best position of securing £20K+. Make them immediately one after the other.

thenewbee · 29 February 2016 at 11:40PM

We're not high earners - he's on 30k employed and I'm self employed. Always thought applying for ccs close together was a bad idea for some reason? Thanks for the advice!

YorkshireBoy · 29 February 2016 at 11:44PM

thenewbee wrote: »

We're not high earners - he's on 30k employed and I'm self employed. Always thought applying for ccs close together was a bad idea for some reason? Thanks for the advice!

It is yes, as it makes you appear desperate...which you are!

But where else are you going to get £20K at 0.xx% APR over 3 years?

thenewbee · 29 February 2016 at 11:47PM

Exactly! Haha. Would looking desperate not increase likelihood of being rejected? Not worried about impact on credit score particularly as just re fixed mortgage for 5 yrs

YorkshireBoy · 29 February 2016 at 11:51PM

thenewbee wrote: »

Exactly! Haha. Would looking desperate not increase likelihood of being rejected? Not worried about impact on credit score particularly as just re fixed mortgage for 5 yrs

That's the reason for making them so close together...ideally on 4 devices/browsers simultaneously. Its a technique which has previously served me well when creating significant stoozing debt.

thenewbee · 29 February 2016 at 11:57PM

:T thanks!

redpete · 1 March 2016 at 6:39AM

How much are you planning to pay back each month? What happens if you get to the end of the 0% offer period and cannot get another? (You will end up on double digit interest rates.)