credit score for mortgage application

flyfto

i am in the market for a newhouse ready to go basicaly deposit etc ready.

my question is when applying for a mortgage their is obviously credit checks, would it go against me that i have two credit cards with a £2k baance on each. i am stoozing these cardsand have money in my account.
Show i pay off any credit cards before i start applying for mortgages ????


thanks

kingstreet

£4k on cards will see £200 per month deducted from your income for affordability. If your income can stand this, you should still be able to borrow the amount you need.

So, that's more about how much, rather than yes, or no.

The rest of your application data, particularly the loan to value determines your chances of success, or failure.

flyfto

thanks for your swift reply,
I have a decent deposit i would need less than 90% ltv, but the impact that may have on my monthly outgoings could be a problem.

think i will just pay them off !!!

kingstreet

Run the details through different lenders' affordability calculators and see the impact on affordability.