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    • Wills223
    • By Wills223 9th Apr 18, 9:19 PM
    • 1Posts
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    Wills223
    Looking for Advice - Credit Card or Loan when applying for a new mortgage?
    • #1
    • 9th Apr 18, 9:19 PM
    Looking for Advice - Credit Card or Loan when applying for a new mortgage? 9th Apr 18 at 9:19 PM
    My partner and I have 9000 on credit cards (money spent on house renovating) Basically, would this debt be better left on credit card or transferd to a loan in respect to applying for a new mortgage when we move house. We both have excellent credit ratings. Thanks in advance for any thoughts or opinions.
Page 1
    • Tarambor
    • By Tarambor 10th Apr 18, 4:39 AM
    • 2,822 Posts
    • 2,041 Thanks
    Tarambor
    • #2
    • 10th Apr 18, 4:39 AM
    • #2
    • 10th Apr 18, 4:39 AM
    It would make no difference, you'd still have 9000 of debt which will impact the amount you can borrow and your ability to pass an affordability test.
    • John-K
    • By John-K 10th Apr 18, 7:19 AM
    • 654 Posts
    • 997 Thanks
    John-K
    • #3
    • 10th Apr 18, 7:19 AM
    • #3
    • 10th Apr 18, 7:19 AM
    As above, it doesn!!!8217;t matter, it is debt in both cases and will likely be viewed as equivalent wherever it is.

    Can you clear it before moving?
    • DCFC79
    • By DCFC79 10th Apr 18, 10:21 AM
    • 31,596 Posts
    • 19,939 Thanks
    DCFC79
    • #4
    • 10th Apr 18, 10:21 AM
    • #4
    • 10th Apr 18, 10:21 AM
    My partner and I have 9000 on credit cards (money spent on house renovating) Basically, would this debt be better left on credit card or transferd to a loan in respect to applying for a new mortgage when we move house. We both have excellent credit ratings. Thanks in advance for any thoughts or opinions.
    Originally posted by Wills223
    Its good your ratings are excellent but lenders dont see them.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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