Stoozing vs remortgaging

Spir4

Hello,

I was reading into Stoozing, and that you better not do it if you've got a mortgage application coming up. But what about remortgaging? Most people have a 2 year fix so every 2 years a remortgage usually happens.  A stoozing generally lasts at least 2 years, so will it impact your remortgage?

Thanks!

Ebe_Scrooge

There's no difference between taking out a brand new mortgage, or re-mortgaging.  In either case, the lender will perform the same checks, so it's always a good idea to not take out any new lines of credit in the run-up to an application.

Arguably, if you're re-mortgaging with the same provider, they may be a little more lenient as they have a track record to go on.  But even that is unlikely, to be honest - a mortgage application is a mortgage application, and will go through the same standard checks.

Spir4

And how long of a run-up is required for there not to be a record of it?

Ebe_Scrooge

A standard credit search will remain for one year - but its impact will lessen over time.

[Deleted User]

Stoozing can involve having lots of debt on a card and putting the money in an account, it is really not a good idea to build up debt if you want to re-mortgage later

Spir4

And how about doing it for a year, then a year nothing, and that's 2 years before having to look at a remortgage. Or is it still a bad idea?

phillw

Spir4 said:

And how long of a run-up is required for there not to be a record of it?

I doubt they will care whether there is a record of it, it would seem backward if they only reward people who game the system
Showing them that you can pay back a debt, would be a good thing

Spir4

phillw said:

Spir4 said:

And how long of a run-up is required for there not to be a record of it?

I doubt they will care whether there is a record of it, it would seem backward if they only reward people who game the system
Showing them that you can pay back a debt, would be a good thing

I don't understand what you mean, could you reprashe that please?

phillw

Spir4 said:
I don't understand what you mean, could you reprashe that please?

Credit history is 6 years, however they aren't sitting there waiting to punish you for borrowing money at 0%. They know you had a 0% credit card, they can see that you've paid it back. It makes you look good that you paid it back.

Your question appears to be asked from the viewpoint that it would be advantageous to hide that you had a 0% credit card and there is no advantage to you or the lender to be able to hide it.

If anything, it makes me think you're doing something illegal.

Spir4

phillw said:

Spir4 said:
I don't understand what you mean, could you reprashe that please?

Credit history is 6 years, however they aren't sitting there waiting to punish you for borrowing money at 0%. They know you had a 0% credit card, they can see that you've paid it back. It makes you look good that you paid it back.

Your question appears to be asked from the viewpoint that it would be advantageous to hide that you had a 0% credit card and there is no advantage to you or the lender to be able to hide it.

If anything, it makes me think you're doing something illegal.

So you think if stoozing until you have to remortgage, then pay off the credit card debt in full, and then start looking for a new mortgage, you'll end up with the same deals as someone who didn't stooze?

MalMonroe

Hi, I think the information in the following link might make things a bit clearer - it was updated by Martin Lewis on 11 October.

https://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards/

It contains the following warning -

"Stoozing is ONLY for those who are debt-free & financially savvy. If you're not, avoid it as mistakes can be costly. Stoozing means you'll have a credit card debt, so if you have a mortgage application or important credit application coming up, it might be best to steer clear – as it could affect your lender's affordability checks. If you're looking for more than just 0% spending, or you've debts, see our Credit Cards page for full options."

Hope that's helpful.