Credit Card Balance Transfer - when?

FrancisBegbie

Hi 

I have around £18k credit card debt left which is currently on interest free until this time next year . 

I need to shift this debt onto other interest free balance transfer cards and keep paying it off . 

However , 

I have just been accepted for a mortgage in principle and I am hiding this from my parents who are about to help me buy a house - which is happening . 

When is best to transfer this debt ?
Shall I do it now whilst I am still living in their address and my credit score is good here ?

Or wait until further to the interest free end deadline of 2026?

GrumpyDil

Has the MIP been issued including the 18k on credit cards or without you disclosing it?

That said, if you get the mortgage with the debt you will be far from certain to get further credit card offers as they will see as someone with credit card debt plus a mortgage so making it a riskier decision.

FrancisBegbie

GrumpyDil said:

Has the MIP been issued including the 18k on credit cards or without you disclosing it?

That said, if you get the mortgage with the debt you will be far from certain to get further credit card offers as they will see as someone with credit card debt plus a mortgage so making it a riskier decision.

The MIP was issued with the credit card debt declared . So should I shift the debt now whilst I have no mortgage and I haven’t bought the house ? 

GrumpyDil

That's one to ask on the mortgage forums to be honest. A lot will depend upon how close you are to your maximum plan amount but I would be nervous of opening up new credit lines of I was due to buy a house.  

Nasqueron

If you have a year until the 0% is off, don't risk the mortgage by applying for credit cards which you may well not get anyway, especially not 18k, and pay off as much as you can from the debt while scrimping e.g. Lidl rather than Tesco, no holiday, repair rather then replace

FrancisBegbie

Nasqueron said:

If you have a year until the 0% is off, don't risk the mortgage by applying for credit cards which you may well not get anyway, especially not 18k, and pay off as much as you can from the debt while scrimping e.g. Lidl rather than Tesco, no holiday, repair rather then replace

This is the second reply to support this notion 
great 
I’m going to leave them until I get the mortgage and I own the property 
then deal with them 

th081

Also do a honest assessment of what your monthly costs will be with the mortgage and running a house and what you will have left to pay down the 18k.