Advice needed Credit Card & Remortgage.

Hi all,

First post on this forum, not sure if this is the correct place but can't think of where else to put it, please correct me if I'm wrong.

I currently have a credit card which has £1,330 on it which I'm paying the minimum £25 a month on. Its 0% until 11/08/2020.

My two year fixed mortgage ends this October, at which point I would like to remortgage with another fixed rate, possibly longer term.

I'm trying to save around £2k to put down as a lump sum when I remortgage, however I've just had to pay for a new boiler so not sure if I'll get to that figure before October.

My question is, should I focus of repaying my credit card before the 0% ends or should I focus on saving the 2k, pay only the minimum on the cc, then transfer the balance (£1155 by that point) onto a new 0% card before mortgage renewal? Will it affect my credit rating and therefore my interest rate on the mortgage if I have an outstanding balance on a credit card?

Thank you all in advance.


  • MovingForwardsMovingForwards Forumite
    12.9K Posts
    10,000 Posts Third Anniversary Name Dropper Photogenic
    You have posted on the diary board, you would be best off posting on the mortgage board as that's where the resident brokers hang out.
  • savingholmessavingholmes Forumite
    16.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    To get any kind of real answer you would also need to list your income, typical monthly expenses, mortgage, equity.

    £1.3K CC debt isn't a huge amount to some but is close to the wire for others. Perhaps join MSE Credit Club and look at your credit score. That will indicate your likely acceptance for different CCs and mortgages. Ideally you should clear your debt quickly - but there is little point if you are on a mortgage that will shoot right up in interest rate if you don't remortgage....
    During 2021: Target 1) Clear CC debt - £2128 to go (but debt neutral) @ 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
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