Idiot husband

jojo9239

So we had our mortgage approved house valued etc just waiting on exchange date and my husband has gone and applied for a credit card !! He's been approved but could this stop our purchase

marksoton

Well it's not the cleverest move but don't panic. Are you using a broker?

Who's the lender?

Ithaca

Very unlikely now that all the mortgage checks have gone through, esp. as the credit card has been approved rather than rejected.

Levs01

jojo9239 wrote: »

So we had our mortgage approved house valued etc just waiting on exchange date and my husband has gone and applied for a credit card !! He's been approved but could this stop our purchase

Oh Jojo I feel your pain. My husband nearly did the same thing. Luckily I managed to stop him before it happened (in store, at counter, sir you could save £16 by applying for a credit card today. Him, ohhh £16 saving, go on then :mad:)

Speak to broker/lender. Hopefully it will be fine.

jojo9239

Broker said it's fine but I panic! Ha ha he's been approved to do the balance transfer and he will close the other one

Levs01

Listen to your broker. They know their stuff

marksoton

Ithaca wrote: »

Very unlikely now that all the mortgage checks have gone through, esp. as the credit card has been approved rather than rejected.

Incorrect. Some lenders actively monitor credit records right up till completion.

jojo9239 wrote: »

Broker said it's fine but I panic! Ha ha he's been approved to do the balance transfer and he will close the other one

Then trust your ( Obviously well researched and competent broker?)

But impress on the idiot no more new credit. Even if DFS are offering him the world.

TBagpuss

Check the T&Cs. When I last id a balance transfer it could be done for yup to 3 months after the card was issued, on the same offer terms, so if you are woried then you could always delay the transfer.

However, your broker is familiar with your finances and if they are not too concerned you probably don't need to be.

somethingcorporate

TBagpuss wrote: »

Check the T&Cs. When I last id a balance transfer it could be done for yup to 3 months after the card was issued, on the same offer terms, so if you are woried then you could always delay the transfer.

The timing of the transfer is irrelevant, it's the availability/exposure to additional credit that will be the concern.

kingstreet

Was the original card balance going to remain, or was repayment part of the agreement for affordability of the mortgage?

If so, it has to be repaid without recourse to further borrowing, which is what a balance transfer looks like.

A credit search has been carried out and at some point, that is going to show on his credit file.

You can only hope the lender does no further checks, or if it does, the rest of your application is strong enough to withstand the reduction in the lender's score from another recent search.

As always, no applications for new credit between application and completion. You cannot accurately gauge the impact on the mortgage application.

jojo9239

There are no stipulations to pay anything off before we move