Mortgage approval

sally-anne999

Hi all

Just after some advice.
I have recently cleared a £5000 debt on my credit card - last month. It should be reported to the credit agancies on the 8th June.
This will leave the balance at zero.
Myself and my partner are applying for a mortgage this month.
Our joint earnings are £2700 a month.
We would be taking out a £200,000 mortgage on a £250,000 house so we would have a 20% deposit.
I have looked at my equifax report and my score is 444 but i'm hoping this will go up when the credit card compnies have registered the payments?
Out total outgoings would leave about £500 left over each month.
How does this sound to everyone? If the mortgage company knows that this debt has been cleared will it be okay?
I have another credit card that i have cleared down from £2,600 to £1,200.
We are seeing our broker this Friday and will be looking to borrow from Nationwide on a 3 year fixed.

Thanks for any advice.

Sally-Anne

Thrugelmir

sally-anne999 wrote: »

Out total outgoings would leave about £500 left over each month.

Based on what interest rate?

With a £200k mortgage you would exposed to rising rates for some time.

sally-anne999

It would be 4.69% fixed for three years.

Thanks

p-ch1982

clearing one credit card isn't really rasing your score too much, it takes time. 444 is a low score for mortgages i think.

regard
Niro