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General mortgage application question

edited 30 November -1 at 1:00AM in Mortgages & Endowments
2 replies 409 views
shimanoshimano Forumite
157 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
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?

Replies

  • iamana1iasiamana1ias Forumite
    3.8K Posts
    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.
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • shimanoshimano Forumite
    157 Posts
    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
This discussion has been closed.
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