Part Exchange - No current mortgage - advice please!

lightbulb0811

I'm looking for some advice please.
We're lucky enough to have paid off the mortgage on our current home and have found a Persimmon home which we'd like to buy using part-exchange. We haven't had our current flat valued yet but I think it's worth about £75k and the house we want is listed at about £150k. I realise that we won't be offered the full market value by Persimmon and might be looking at getting a mortgage of about 80-90k.
We are both on reasonable salaries, but I do have credit card debt - I've never defaulted and am paying it off steadily and not spending on credit cards. Do you think this will affect any mortgage application? Also, would we need to put down any sort of deposit, or does the value of our current home pay that off. Just a bit confused by it all and really grateful for any advice. Thanks for reading!

silvercar

The value of your current home is the deposit.

If your credit record is clear it shouldn't be a problem, providing you have the income to justify the mortgage. Often new homes are valued at less than you pay, but you have a sizeable deposit, so it shouldn't be a big problem.

DVardysShadow

Credit card debt on which all payments meet the minimum and on time will generally be positive on your creditworthiness assessment, in that you will be assessed as a good payer. The adverse effect is that the cards will reduce the affordability assessment. So in short, compared to your identical twin who has no credit card debt, you are possibly a bit more likely to get a mortgage, but this mortgage may be a bit smaller than the one your identical twin might get

Thrugelmir

Is your credit card debt £10k?

With no mortgage why not make a determined attempt to repay it.