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  • FIRST POST
    • Conn_M
    • By Conn_M 8th Aug 18, 10:46 PM
    • 2Posts
    • 0Thanks
    Conn_M
    How damaging are CC cash advances to a mortgage application, and for how long?
    • #1
    • 8th Aug 18, 10:46 PM
    How damaging are CC cash advances to a mortgage application, and for how long? 8th Aug 18 at 10:46 PM
    Hi there, Iím new here so sorry if this question is answered elsewhere.
    Iím trying to get my finances in order and have been paying off debts bit by bit, but recently found out Iíll be able to clear everything with money my Auntie left me. So, Iím closer to being able to apply for a mortgage than Iíd expected. Looking at my credit file all is in order, except for a couple of cash advances on my credit card. I know they can cause problems with a mortgage, but does anyone know how much of a problem? A definite decline? And if so, how long would I need to wait? Kicking myself now for making them of course!
Page 1
    • zx81
    • By zx81 9th Aug 18, 5:30 AM
    • 19,709 Posts
    • 21,095 Thanks
    zx81
    • #2
    • 9th Aug 18, 5:30 AM
    • #2
    • 9th Aug 18, 5:30 AM
    In a well managed file, an isolated cash advance needn't have any long term impact.
    • Westminster
    • By Westminster 9th Aug 18, 5:47 AM
    • 914 Posts
    • 529 Thanks
    Westminster
    • #3
    • 9th Aug 18, 5:47 AM
    • #3
    • 9th Aug 18, 5:47 AM
    The best thing you can do when ready for your mortgage is get current copies of all 3 of you CRA files infront of an independent mortgage broker as they will understand the attitude of the underwriters.

    Don!!!8217;t risk an effectively random scattergun approach as multiple mortgage applications will be far more damaging for you.
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • Conn_M
    • By Conn_M 9th Aug 18, 8:15 PM
    • 2 Posts
    • 0 Thanks
    Conn_M
    • #4
    • 9th Aug 18, 8:15 PM
    • #4
    • 9th Aug 18, 8:15 PM
    Thanks for the replies. I spoke to a broker today and showed them my credit file (just Experian, but it has everything on it, same or more than the others), and he said it isn!!!8217;t a problem with the banks he would recommend for me (for a Co-Ownership mortgage in Northern Ireland). So that!!!8217;s a good start. Thanks for the advice!
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