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Applying for a mortgage with debt
strandedinaber
Posts: 240 Forumite
I am looking to buy my first property in the spring of next year. I'm a first time buyer but live in a property owned by my parents which I pay the mortgage on (around 11k of it is paid down). I also have around 6k in savings in an ISA but have 2k worth of debt on an interest free credit card from a holiday and, well, overspending. I could pay this off before next spring but I would rather put the money towards a higher deposit as I think I will need a 15% deposit. My question is, is the debt going to influence mortgage offers? I want to take a mortgage out with Coventry BS who my current and savings accounts are already with. I have never missed a payment on that card and most months pay more than the minimum amount. I know it's not a huge amount of debt so I'm hoping it won't...
Thanks!
Thanks!
Novuna personal finance 0% 4-year £518/£1866
Credit card debt free! Now on the journey to mortgage free.
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