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credit card outstanding?
mpgsheep
Posts: 247 Forumite
I have had my mortgage offer, at the time of application for the mortgage I had a credit card with nothing on it (tesco 0% for 18 months). Since then have used it to pay for the survey plus some christmas shopping, and the balance is circa 1k. I understand that just before the money for my purchase is released that my lender will do another quick credit check, is this 1k balance likely to be a problem? I have the funds to clear it at will so not an issue, but obviously would rather keep them in a savings account until needed (next october).
Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.24
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Comments
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Unlikely to be an issue.
We advise borrowers not to apply for new credit between application and completion. Using an existing credit card in a small way should not be a problem.
At worst, it might reduce your borrowing power by around £1,300.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ok, well i don't want them to reduce my borrowing (as then I won't be able to afford my new house), so I think I should pay it off then?Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.240
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Are you borrowing the absolute maximum you can on your income/affordability?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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I don't think so - but I would rather not take the risk with itOpening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.240
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