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Original poster

How to fund new floor

41 replies

Neednewfloor · 09/04/2022 06:41

I need a new floor,

Flooring costs £1k
Fitter quoted £2,340

Currently have credit card 0% due to end in June and remortgage due July.

Do i
1, Get a money transfer card now (balance transfer card in June)
2, get a balance transfer now that has a few months 0 purchases and buy floor, spend usual on card leaving cash in bank for fitter?

Which is going to impact mortgage application least?

OP posts:
OutingHobby · 09/04/2022 06:49

How desperate are you for new floor? Could you save up for it and not use credit? That would make your bank balance look nice and healthy

HollyBollyBooBoo · 09/04/2022 06:55

They look at everything don't they, credit card statements as well as bank statements so I don't think it will make any difference. Personally I'd wait and not spend it until mortgage is agreed.

Original poster
Neednewfloor · 09/04/2022 06:57

Sorry got typo there remortgage due Feb 23

OP posts:
OutingHobby · 09/04/2022 07:01

@Neednewfloor

Sorry got typo there remortgage due Feb 23
Plenty of time to save for floor and not use debt
Original poster
Neednewfloor · 09/04/2022 07:04

I could save but to get that much would take a very long time and would like a new floor soon house is almost finished this is the last thing to do ( currently just have floor boards and rug).

OP posts:
OutingHobby · 09/04/2022 07:11

How long would it take you to pay back the card?

ffscovid · 09/04/2022 07:24

It's a lot of money. If you can't afford it, is there not a cheaper option such as vinyl (nice lino). Or just stick with the floorboards and rugs for now until you've saved up.

PaperDoves · 09/04/2022 07:32

If it would take a very long time to save that money, it will take even longer to pay it back. What if you need to put more money on credit because of an emergency, if your car breaks down or fridge goes bust, etc.?

BarbaraofSeville · 09/04/2022 07:33

I'd probably buy the floor using the 0% balance transfer, pay off as much as I could between now and the end of the year, when hopefully you won't owe very much so you'll still be able to remortgage.

How much wriggle room is there in your finances? Can you free up money to pay the floor off quicker by having a frugal few months? Can you cut back on anything like broadband/pay TV/use a cheaper supermarket?'

I'd be concerned about not making affordability checks if your finances are so tight that you can't pay back £3k or so in 8 months. Normally you have to have quite a bit of spare money to pass the interest rate stress test.

What happens if you don't remortgage? What is the rate you would go onto? Would it be much more expensive? Worst case scenario would be a slightly higher mortgage rate for a few months before you paid off the card and applied again.

Or have you considered a cheaper floor? Carpet or lino costs very little to fit, it must be LVT or hardwood for the fitting costs to be so high.

PaperDoves · 09/04/2022 07:33

Painted floorboards look amazing, imo.

FixTheBone · 09/04/2022 07:34

Agree with the save for it advice.

How long interest free can you get on a card? 12, 18 months? If you can't repay it in that period of time then I'd consider it to be outside of budget.

I would see how much I can save by Feb, not take any additional credit out in order to maximise chances of getting a decent remortgage offer, and, if necessary, think about adding any shortfall to the remortgage with the intention of overpaying for a few months shortly afterward.

If your mortgage is due up in Feb, the interest rates may be very, very different from what they are now.

TiddleyWink · 09/04/2022 07:37

Sorry but you wait. Stuff like this is why you get a lot of older people dismissing the financial struggles of younger people - reinforces their view that this generation has to have everything new and nice now, whether you can afford it or not.

Just wait.

You’re in debt. You don’t have the money, you can’t afford new flooring. It’s that black and white - take the option of getting further into debt off the table. Boards and a rug are just fine for now.

Sorry to be blunt but it sounds like you really need to learn some financial responsibility.

Hollyhead · 09/04/2022 07:42

When you say remortgage do you mean get more money or just you’ll switch deal as your current one ends? I think if you’re not getting more money the checks are less, especially if you stay with your current company but that obviously depends on them offering you something decent!

icklekid · 09/04/2022 07:47

@Neednewfloor

I could save but to get that much would take a very long time and would like a new floor soon house is almost finished this is the last thing to do ( currently just have floor boards and rug).
But if it will take a long time to save it will only take longer to pay off more? Why not compromise. Save for half so your only borrowing half the amount and can pay it back with less risk?
Overthebow · 09/04/2022 07:51

@TiddleyWink

Sorry but you wait. Stuff like this is why you get a lot of older people dismissing the financial struggles of younger people - reinforces their view that this generation has to have everything new and nice now, whether you can afford it or not.

Just wait.

You’re in debt. You don’t have the money, you can’t afford new flooring. It’s that black and white - take the option of getting further into debt off the table. Boards and a rug are just fine for now.

Sorry to be blunt but it sounds like you really need to learn some financial responsibility.

I agree with this. You don’t need new flor now and you can’t afford it.
Amei · 09/04/2022 07:51

Could you not fit it yourself and save on the fitting costs? My new flooring was £900, but I paid someone I know £250 to fit it as he has fitted several before. They're simple to fit, it only took 8 hours to do kitchen, hallway, living room and dining room x

Fluffyhairteddy · 09/04/2022 07:53

OP I mean this kindly but you can’t afford a new floor. You’ve got credit card debt. Unless you’ve got gaping holes in your floor which make it unsafe, save up.

SerendipitySunshine · 09/04/2022 07:55

That's a lot for a floor if you don't have it. I'd paint your floorboards and save up.

Soontobe60 · 09/04/2022 07:57

Unless you have no actual floor, you don’t ‘need’ a new floor, you want one. That’s a huge difference. I’m assuming at that price it’s a wooden floor?
For now, I’d get a cheap carpet fitted, pay cash, then when you have to remortgage add on the cost of getting the flooring you actually want. (BTW, that’s a huge amount to pay for fitting - more than 2x the cost of the actual flooring).

Ariela · 09/04/2022 07:59

@TiddleyWink

Sorry but you wait. Stuff like this is why you get a lot of older people dismissing the financial struggles of younger people - reinforces their view that this generation has to have everything new and nice now, whether you can afford it or not.

Just wait.

You’re in debt. You don’t have the money, you can’t afford new flooring. It’s that black and white - take the option of getting further into debt off the table. Boards and a rug are just fine for now.

Sorry to be blunt but it sounds like you really need to learn some financial responsibility.

I'm old so entitled to say this, but it's absolutely true, you don't need the floor redoing from a health and safety point of view, it's nice to have but certainly not essential- so wait and save the money.
ImplementingTheDennisSystem · 09/04/2022 08:04

How decent are the floorboards? Could you hire an industrial sander for £50 and improve the look of them?

RussianSpy101 · 09/04/2022 08:05

Save up for it.

Silverclocks · 09/04/2022 08:06

If this is a debt that will take a very long time to clear, I'd stick with the floorboards and rugs

Bagelsandbrie · 09/04/2022 08:06

That is a LOT of money for flooring when you clearly don’t have a lot of money. Look at room sized carpet / lino remnants in local carpet shops. Even the largest kitchen diner can be done for about £600-800 if you’re careful (that’s how we did ours).

Octomore · 09/04/2022 08:09

I know this isn't the answer you want, but I'd save for it. A new floor is a nice to have and I wouldn't take out debt for it.