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advice on mortgages and credit limits
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pcyam
Posts: 651 Forumite
Wasnt too sure where to post this,
If someone has 2 residental mortgages against houses which they rent out, and trying to stooze at the same time, will the mortgages affect their ability to apply for high credit limits on credit cards??
If someone has 2 residental mortgages against houses which they rent out, and trying to stooze at the same time, will the mortgages affect their ability to apply for high credit limits on credit cards??
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I dont know anything about credit card affordability calculations but if it was the other way round it would affect the mortgage so I'd hazard a guess amd say "yes"I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Again, I'm no expert but I'd go with a qualified yes, bearing in mind that the key determining factor seems to be disposable income - so incoming rent ought to be taken into account too.Debt at highest: September 2003 - £26,350 :eek:
Debt now: £14,100 :rolleyes:
Debt free day: October 2008 :beer:0 -
If someone has 2 residental mortgages against houses which they rent out,
Interesting! I hope your insurance is correct.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
yep, insurance is under a rental insurance and not residential one.0
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