BT after submitting mortgage application 30 April 2020 at 9:28AM in Credit Cards 2 replies 111 views

newdriver101

Hello all

Please can I have your thoughts on balance transfer?  Sorry if this has been asked before.

Have just submitted my application for re-mortgage + have been told it could take 2 months to complete because of current circumstances.

In the meantime, the 0% rate on one credit card will end soon (May) + I want to move the money to another existing card I hold that has a 0% offer.

Will this impact my application?  Do I need to inform the bank?

I know it is not wise to get a NEW credit or loan when an application is in progress.  

But in this case, I disclosed all cards and all credit card balances on my application so total utilisation (which is quite high) will more or less stay the same - it is just the balance I stated on card A will move to card B. 

Thanks in advance

zx81

You don't need to inform the bank.  They will see it on their final credit checks.

As long as you don't increase your debt, you'll be fine.  It will look better than an interest bearing debt.

newdriver101

Thanks - that’s v helpful!