Money Transfers after exchanging on 1st Mortgage.
Options
Beechfields
Posts: 8 Forumite
in Credit cards
I've recently exchanged on my first mortgage with completion due on 27th of May.
I have a minor emergency and need around £700 to cover it. Can I do a money transfer from a credit card i already own without causing any issues?
Many thanks,
I have a minor emergency and need around £700 to cover it. Can I do a money transfer from a credit card i already own without causing any issues?
Many thanks,
0
Comments
-
Thanks to anyone in advance who can help answer this. Getting me anxious as I don't want to mess up getting out first place but also am in need of the money short term. No way to borrow from friends or family either.0
-
If the exchange has been complated, mortgage approved and credit checks already carried out then yes it would be fine.0
-
Thank you,
My only worry was that it states on our successful application to be wary of adding on additional credit as further checks could be carried out.
Is this a potential issue?
Thanks0 -
It isn't unusual now for the lender to make a final check, is it possible to get an overdraft? that might slip under the radar?0
-
It isn't unusual now for the lender to make a final check, is it possible to get an overdraft? that might slip under the radar?
I don't think an overdraft would be any more or less likely to fly under the radar.
Lenders don't report balances in real time, they do it once a month, so whether they'll find out will depend on whether they will do a final check and then if your CC company/bank have issued their monthly report yet.0 -
Even if they did do a final check, would the £700 cause a huge issue?
Otherwise I don't understand your question regarding the cc and final reports.0 -
Beechfields wrote: »Even if they did do a final check, would the £700 cause a huge issue?
Otherwise I don't understand your question regarding the cc and final reports.
Taking on additional debt may not be looked at favourably, especially if the OP was a borderline "accept" for their mortgage.0 -
As boo_star has stated account details are updated once a month to a CRA, so a cash advance now would be on your file before your end of May completion date.
Your lender may not do a further check but if they do you need to be aware that CC cash advances are captured as part of your payment history, so your file will show that you used your card to take money out ( shows number of advances in a month and total value of all advances for that month). CC cash advances are noted as a distinct entry as it is an expensive way to borrow money if you aren't using a money transfer 0% promotional rate. Promotional deals e.g. 0% balance transfer are also noted by means of a flag being set for each month that a promotional rate is in place.0 -
Hi all thanks for your advice.
I would be getting a 0% interest free money transfer. My girlfriend and I weren't borderline on our checks.
Would it still be advised to not borrow? What other options do I have? I'd be using unarraged overdraft if I don't and would incur fees.0 -
Beechfields wrote: »Hi all thanks for your advice.
I would be getting a 0% interest free money transfer. My girlfriend and I weren't borderline on our checks.
Would it still be advised to not borrow? What other options do I have? I'd be using unarraged overdraft if I don't and would incur fees.
Don't borrow, dipping into an unarranged overdraft is a massive no-no.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards