Money transfer query

stinabean

Hi

Likely a silly question so apologies in advance.

My 0% credit card is coming to an end. I somehow have great credit right now and want to do a money transfer rather than bank transfer as I have a small amount owed elsewhere that I'd like to clear too. Having the money, then paying off both works best for my brain.

Anyway. I'm also likely to need a good sized loan this year to replace our conservatory, around £25k. Will my MT affect this future loan as my debt technically won't increase, it's just "newer"?

Thank you

Altior

Nobody knows really as it varies within lenders, never mind across the different lenders.

Generally, MTs don't appear to have impacted my 'lendability', they appear to be treated the same as regular BTs.

MT deals tend to be shorter duration, and higher fees. But as long as you're happy with the deal, it shouldn't kill your credit record. Quite different to getting cash from an atm.

Nasqueron

Any debt will affect loans to some extent, largely depends on your income etc.

If you were on £100k each and wanted £25k and had £2k on MT it likely wouldn't make a difference, if your combined income was £50k and you had £5k on the MT, it is more likely to do so