Do I need to keep some credit open to get a new mortgage deal?

tootsmyboots

Hi
I am quite new to this site and think this is the first time I have posted on this particular forum (have tried to join in on a few to get started!).

My situation is this: In a few months we want to put our house on the market and move to a bigger house. We are coming to the end of a 3 year fixed rate after which we go onto the SVR (which is fine by me, lower than my fix!). There is a ERC, but we can port the mortgage to a new property. IF we are in a position to move before the fix runs out at the end of the year we do not have to pay the ERC (or we pay it and get it back if we buy within 3 months and use the same mortgage).

Other than a 0% balance on a credit card, I have no other credit lines open. Obviously I pay my mortgage each month. I do have a mobile phone contract and so does my other half. At the mo I pay the minimum payment or a little more each month onto my CC. I do have the money in savings to pay it off completley. I want to do this, but dont want it to affect my credit rating by not having enough credit.

So my question is this: will not having enough proof of paying other credit affect me adversely I come to look for a new mortgage with a different lender?

We will have a large deposit to put onto a new mortgage if we do not stay with our current lender.

happybroker

your mortgage should also show so it shouldn't have too much of an impact. If your cc is 0% then you have no real reason to pay it off anyway before the mortgage application but I think (assuming no other info exists that we should know about) you should be ok.

All the best

tootsmyboots

Thank you. That's fine. I am in no rush to pay it off as it is 0% til August. I dont really want to transfer it to a new card though as I will incur a balance transfer fee. So I will probably just keep my monthly payments going on it and pay it off before the 0% deal runs out.

I've just read some threads where people are struggling to get mortgage deals due to lack of credit, but if my existing mortgage counts then that's fine.

There is no other info to be aware of as far as I can say.