Shifting Mortgage to credit card

[AtW]

I got a mortgage 6 months ago.

[AtW]

Every credit card I'd ever had was on their list, and they subtracted every amount as part of the mortgage offer. Fine tooth combe to get a mortgage now, anything looks "suspicious" and the offer is removed.

Sounds like MF aka "Credit Card Tart" will never get a mortgage

[SueEllen]

I think possibly you dodged it, maybe got in just before. It was set for this year, with even tougher regulations coming in from the EU next year.

It's lender dependant.

Some of the stricter lenders were always doing this while others have been forced gradually to do this.

Particularly the ones who want to ensure they don't want bad loans on their books.

To be honest I wouldn't put a mortgage on a 0% credit card as if you need other cheap lending you are screwed.

[SueEllen]

Sounds like MF aka "Credit Card Tart" will never get a mortgage

You can get a mortgage being a credit card tart. Just keep the amount you have on your credit cards at the minimum.

[DimPrawn]

Now I'm reaping the benefit of booming house prices under this great govt.

[BolshieBastard]

I have a couple of credit cards on interest free and it just makes no sense for me to pay them off - I have 2 credit card on 24 month 0% for a 2.9% balance transfer fee..... That has got to count as pretty much free money.... I had 2 get the 2 to pay off an existing one. I have a few thousand spare on one of them and was considering whether it would be worthwhile shifting a small amount of my mortgage onto it - it may also bring me closer to 70% LTV which will make my re-mortgage cheaper...

Has anybody else found credit cards very useful in such circumstances?

Depends who your card issuer is. Many card issuers have got wise to those just doing BT's and leave it sitting at zero percent interest.

Many are now profiling card accounts and upping the minimum monthly payment to 25 quid or 1% of the balance. They also reprice the interest rates on spending, sign up or else no further spending on your car(s).

[jmo21]

Nothing wrong with that game, just don't expect the mainstream mortgage lenders to turn a blind eye to it, that's all.

Surely clearing your debts before applying for a mortgage sorts this worry out?

It's not like I'm carrying 40 grand at a time.

Repaying 5k on 0% deal over time is hardly the same as being in massive debt.

I picked up this technique from Martin Lewis and I don't his site tells you this is a problem (or certainly, it didn't in the past!!)

[Old Hack]

Surely clearing your debts before applying for a mortgage sorts this worry out?

It's not like I'm carrying 40 grand at a time.

Repaying 5k on 0% deal over time is hardly the same as being in massive debt.

I picked up this technique from Martin Lewis and I don't his site tells you this is a problem (or certainly, it didn't in the past!!)

The point is, before, that would see your credit check marked as good, as you had the debt, and were repaying it on time. However, now, it is looked at different i.e. he has more debt.

can yuo appreciate the difference in how the two debts are now looked at? One positively, the other negatively.

[jmo21]

The point is, before, that would see your credit check marked as good, as you had the debt, and were repaying it on time. However, now, it is looked at different i.e. he has more debt.

can yuo appreciate the difference in how the two debts are now looked at? One positively, the other negatively.

Makes sense now, but again it's not like it's 40 grand or some large amount is it?

any links I can read?

[MarillionFan]

Stoozed for donkeys years. Estimate that I've made on average £1200 or so every year since around 2000. Used to put a lot of my shop stock purchases on cash back cards then balance transfer them.

Having had an offset mortgage at initially 6% it was a great way to get cheap money. For a while transfers were interest free so it literally was money for nothing. Then the fees increased 1,1.5 and these days 2.9%

Now it's not become worthwhile for me and I've now been reducing down my cards. I had around £48k on cards last year but now you cannot get more than the transfer fee I've reduced to £20k and ill pay the last two off as opposed to transferring them on renewal.