new mortgage, pay off the stooz?

oh_know

Hi
I am about to sell and buy, and as part of the process am going to borrow a bit more on my mortgage
Will my 2 stoozed cards adversley effect me? (about 10k owed)
I.E. Should i use savings to pay off the stoozes early or does it not really matter?

(I think i have a good cushion on my income versus borrowing request but i dont want to take chances)

Also is it a bad idea to get say two mortgages agreed in principal? (will it adversely effect my rating for the real mortgage agreement?)

thoughts please

Senior_Paper_Monitor

10K on credit cards will reduce your allowable income for borrowing purposes by between roughly £3,600 and £6,000 pa - depending on the lender so maybe reduce borrowing power by between roughly £15,000 and £30,000.


Also shows as 'near borrowing ceiling' and affects profile which may have other impacts - no offsetting 'credit' for the savings.


Your call !

oh_know

ok i think i might pay them off then!
I have more than what i want to borrow agreed in principal and that calculation includes my stoozed cards
But for simplicity i will check my end stooz dates and pay off a good proportion early

Thanks for the advise

pjread

if you aren't short on affordability, can you use the stooze pot to decrease LTV....

3d3

It's affordability vs ltv. How much are you going to spend on the house and various furniture and white good when you move in? You could always pay them off, then get a mortgage and then re-stooze with new purchases you would have had to make anyway.