General mortgage application question

shimano

I am going to apply for my first mortgage anyday now as a first time buyer.

My situation is;

- 60k deposit on ~300k place (20%)
- clean credit record (score 999)
- salary 55k exc bonus (10-20%)
- credit card debt of £7,000 (£15k available), on 0% until next May, will be paid off by then, no more spend on it. Plan would be £500-£1000 per month, and part of bonus to pay remaining in January.

Will the credit card debt count against me? I haven't had any late payments, my record is 100% clean (I check it every 2 weeks to make sure it is clean). Would the bank take into account it's 0% and I have a solid plan to clear?

iamana1ias

shimano wrote: »

I am going to apply for my first mortgage anyday now as a first time buyer.

My situation is;

- 60k deposit on ~300k place (20%)
- clean credit record (score 999)
- salary 55k exc bonus (10-20%)
- credit card debt of £7,000 (£15k available), on 0% until next May, will be paid off by then, no more spend on it. Plan would be £500-£1000 per month, and part of bonus to pay remaining in January.

Will the credit card debt count against me? I haven't had any late payments, my record is 100% clean (I check it every 2 weeks to make sure it is clean). Would the bank take into account it's 0% and I have a solid plan to clear?

It will reduce the amount they will lend you on affordability grounds.

Mind you, you aren't going to get the 4+ x salary multiple you'd be looking for anyway.

shimano

Thanks. I've been told by a few banks I could borrow what I need given the 20% deposit I have. Given the stats I have, am I likely to be rejected or not