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credit card application before completion on house.
redditihave
Posts: 1 Newbie
Hi there,
I am about to buy a house and hopefully exchange and complete on the same day but I need to hire a van at £95 a day with a £500 deposit. I wanted to get a credit card out to cover this as I have never had one but scared I am applying for credit which could annoy the bank and stop them from giving me my mortgage. I currently have a very good credit rating but maxing out on my mortgage. Any thoughts welcomed. I am leaving a abusive relationship and starting again so really dont have much money - freecycling lots hence not sure what to do re. van
thanks
Jo
I am about to buy a house and hopefully exchange and complete on the same day but I need to hire a van at £95 a day with a £500 deposit. I wanted to get a credit card out to cover this as I have never had one but scared I am applying for credit which could annoy the bank and stop them from giving me my mortgage. I currently have a very good credit rating but maxing out on my mortgage. Any thoughts welcomed. I am leaving a abusive relationship and starting again so really dont have much money - freecycling lots hence not sure what to do re. van
thanks
Jo
0
Comments
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Prob not worth the risk. Applying for credit may ring alarm bells with the lender.
Happy to be corrected in case things have changed, but this was always the usual advice.2024 wins: *must start comping again!*2 -
If you are maxing out on your mortgage it’s not worth the risk. There’s always a chance the lender could carry out a check before releasing the funds and seeing this additional credit may no longer meet their affordability criteria.0
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It is best not to change your financial position “negatively” before you complete. Even if you have an existing credit card it is advised not to use it much before completion. So I think getting a new credit card especially when you don’t have much is generally not a good idea. I suspect lenders will be even more jittery now with the current “financial crisis”.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
Don’t, you’re playing with fire…0
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The £500 deposit is for damage I assume so you will be paying/leaving that on the day you hire the van. There would be no problem doing this on a card you already had as the mortgage will already have happened. Applying for a new card is definitely more of a risk and I would avoid it if at all possible.0
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the OP has said they have never had a credit card before.daivid said:The £500 deposit is for damage I assume so you will be paying/leaving that on the day you hire the van. There would be no problem doing this on a card you already had as the mortgage will already have happened. Applying for a new card is definitely more of a risk and I would avoid it if at all possible.1 -
Is anyone helping you with the move? If so, ask them to use their card for the van hire.0
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