Mortgage and Credit Cards

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?

david29dpo

Hiding what from your parents?

la531983

david29dpo said:

Hiding what from your parents?

His credit card debt. This is his 2nd thread on it now.

david29dpo

Sounds like a hopeless case to me

born_again

Shifting it to a new card is not going to make any difference. That £18K is a major player in the affordability checks.

Forget your credit score. Means nothing to a lender, unlike that £18K debt.

Albermarle

This thread should be in this forum .
Mortgages & endowments — MoneySavingExpert Forum

FrancisBegbie

david29dpo said:

Sounds like a hopeless case to me

Hi thank you for your reply 

I’ve got £185k deposit 

I earn £45k plus bonus 

I am carrying £18k debt currently interest free

What’s hopeless ?

strawb_shortcake

FrancisBegbie said:

david29dpo said:

Sounds like a hopeless case to me

Hi thank you for your reply 

I’ve got £185k deposit 

I earn £45k plus bonus 

I am carrying £18k debt currently interest free

What’s hopeless ?

Whilst I can't answer for David, are you currently living at home with parents? Do you pay rent? 
If the answer to the above is yes and no, then I'd query whether you can budget appropriately to buy. You earn £45k a year and have £18k of debt, when you have a mortgage to service, bills to pay, a home to maintain can you ensure your debt only goes down? 
If you've been renting privately then perhaps a mortgage will be cheaper than rent and home ownership is more affordable 

Also if you are hiding this debt from your parents, are they going to be hands off enough during the process of so they don't become aware of your debt via paperwork, conversations with your broker etc?

FrancisBegbie

strawb_shortcake said:

FrancisBegbie said:

david29dpo said:

Sounds like a hopeless case to me

Hi thank you for your reply 

I’ve got £185k deposit 

I earn £45k plus bonus 

I am carrying £18k debt currently interest free

What’s hopeless ?

Whilst I can't answer for David, are you currently living at home with parents? Do you pay rent? 
If the answer to the above is yes and no, then I'd query whether you can budget appropriately to buy. You earn £45k a year and have £18k of debt, when you have a mortgage to service, bills to pay, a home to maintain can you ensure your debt only goes down? 
If you've been renting privately then perhaps a mortgage will be cheaper than rent and home ownership is more affordable 

Also if you are hiding this debt from your parents, are they going to be hands off enough during the process of so they don't become aware of your debt via paperwork, conversations with your broker etc?

strawb_shortcake said:

FrancisBegbie said:

david29dpo said:

Sounds like a hopeless case to me

Hi thank you for your reply 

I’ve got £185k deposit 

I earn £45k plus bonus 

I am carrying £18k debt currently interest free

What’s hopeless ?

Whilst I can't answer for David, are you currently living at home with parents? Do you pay rent? 
If the answer to the above is yes and no, then I'd query whether you can budget appropriately to buy. You earn £45k a year and have £18k of debt, when you have a mortgage to service, bills to pay, a home to maintain can you ensure your debt only goes down? 
If you've been renting privately then perhaps a mortgage will be cheaper than rent and home ownership is more affordable 

Also if you are hiding this debt from your parents, are they going to be hands off enough during the process of so they don't become aware of your debt via paperwork, conversations with your broker etc?

I can afford it 
I just need to shift the debt to interest free and continue to pay it off 
I’m worried that won’t be an option but it should be 

my parents won’t see it because we’ve agreed the mortgage is handled by me whilst they will only be involved with the estate agent 

HelenNoreen

Looking at your previous threads; you have asked for advice several times about this debt; but the total debt has been going up not down. Is taking on a mortgage now really the best time? 

FrancisBegbie

HelenNoreen said:

Looking at your previous threads; you have asked for advice several times about this debt; but the total debt has been going up not down. Is taking on a mortgage now really the best time? 

Yes I’ve got to do it now 
First time I’ve had this deposit and got to move 
I can afford it too