£140,000 deposit, £20,000 salary, -£5000

whirrel33

Hello all
Im looking into getting a mortgage, I have a property in my name worth £140,000 going on the market this month.
I have -£5000 on a credit card.
I'm on £20,000 pa, payrise next month but not sure that will mean a thing without it being on payslips.

And I would ideally like to get a mortgage of £100,00-£150,000

Is this unrealistic even with my large deposit??
If not, what am I to expect?

Thanks in advance!

dotdash79

If you pay off the credit card you might be in with a shot for the lower amount.

kingstreet

Five times income is the best you'll get, less the cost of any credit commitments, dependents etc. That will be based on a top-level credit score.

whirrel33

Ok, well that will give me an idea for when I go and have mortgage advisor meetings on Saturday.
I score 888(Good) on Experian, has lowered from my previous one (999) due to the latest credit card and an increase on spending due to car troubles etc.

I also have two other credit card accounts that have been paid off (both balance transfers to new credit card)
Is it true that closing these would be detrimental?
There was a note on my Experian that the age of some credit accounts is having a negative effect....

kingstreet

I'm talking about the lender's credit score, not the number given to you by Experian or Equifax. It will be based on the application data as well as the information from your credit history.

No way of knowing if closing dormant accounts will be positive, or negative.

whirrel33

Ok, well I have never missed any type of payment, its just the credit cards which are against me. We shall see on Saturday, wish me luck!

Thanks for your help!