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  • FIRST POST
    • Goudada
    • By Goudada 11th Aug 18, 5:22 PM
    • 2Posts
    • 0Thanks
    Goudada
    Advice on what credit I should get
    • #1
    • 11th Aug 18, 5:22 PM
    Advice on what credit I should get 11th Aug 18 at 5:22 PM
    Hi,

    I'm new here so I am sorry if I have posted this in the wrong place. I just need a little advice on the best way forward here.

    So... The fixed rate on my mortgage comes to an end at the end of September this year so naturally i'm looking to remortgage.
    I don't have any savings due to living alone and some bad decisions I made during my last relationship which has left me with a few debts, but they are manageable.
    I'm only 600 short on my mortgage to be able to apply for 85% instead of 90% but I just don't have that sort of money right now.
    In November I will be able cover this as due to the fact my wages are paid every 4 weeks instead of once per month I will be paid twice before some of my bigger bills come out.
    So my thoughts were, can I try and get myself a 0% credit card and use that to cover the difference on the mortgage to enable me to remortgage for 85% under the slightly lower rates and then, immediately pay it off as soon as I do have the money in November/December?
    Or is there a better solution?

    Any advice you can offer here would really help me.
    Thanks
Page 1
    • venison
    • By venison 11th Aug 18, 8:15 PM
    • 2,627 Posts
    • 3,027 Thanks
    venison
    • #2
    • 11th Aug 18, 8:15 PM
    • #2
    • 11th Aug 18, 8:15 PM
    You would need a money transfer CC to transfer cash from CC to bank account.
    Merry Christmas and a happy and healthy 2019 to you and yours
    • onlyfoolsandparking
    • By onlyfoolsandparking 11th Aug 18, 8:29 PM
    • 480 Posts
    • 633 Thanks
    onlyfoolsandparking
    • #3
    • 11th Aug 18, 8:29 PM
    • #3
    • 11th Aug 18, 8:29 PM
    Have you rang your existing lender and asked them for a new deal, it usually involves no fees and they don't credit check you. I did this a year ago and got a 1.9% fixed for 5 years no fees, that was Santander I know everybodys circumstances are different but certainly worth a try I feel
    • Goudada
    • By Goudada 11th Aug 18, 8:55 PM
    • 2 Posts
    • 0 Thanks
    Goudada
    • #4
    • 11th Aug 18, 8:55 PM
    • #4
    • 11th Aug 18, 8:55 PM
    NatWest, my current supplier have sent me some renewal quotes but they are for 90%.
    Do you think it's worth calling them to see if they can offer me anything better?
    • D_M_E
    • By D_M_E 11th Aug 18, 9:28 PM
    • 2,120 Posts
    • 69,874 Thanks
    D_M_E
    • #5
    • 11th Aug 18, 9:28 PM
    • #5
    • 11th Aug 18, 9:28 PM
    Have you considered getting a cash advance of 600 on your current credit card if you have one - or using an existing overdraft facilkity if you have one large enough - and using that to get below the threshold for 85%?

    Not normally something I would do, but if the savings made on the 85% payments are worth having every month then worth considering for one month's interest payment on a credit card.

    If you do go down this path then MAKE SURE you clear it when the statement comes
    • onlyfoolsandparking
    • By onlyfoolsandparking 11th Aug 18, 9:28 PM
    • 480 Posts
    • 633 Thanks
    onlyfoolsandparking
    • #6
    • 11th Aug 18, 9:28 PM
    • #6
    • 11th Aug 18, 9:28 PM
    Absolutely! you don't ask you don't get and you could even tell them about your ability to be able to pay your mortgage down in order to get into the 85% bracket. I think?? Natwest are pretty reasonable to deal with and they wont want to lose your business especially if your payment record is good
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