couple CC questions

longwalks1

I owe £20k over 4 x 0% BT cards that have 24 months left on each of them, so not a problem paying them off. I'm looking to move house now, and will need a larger mortgage, should i pay off the credit cards with my self select S&S ISA (isnt doing much anyway, had a good year last year) and it'd leave me with £10k to put towards the house move?

And if i pay the cards off in one go, should i actually close them down fully? Or leave them open so on my credit file i have a fair bit of 'available borrowing' to me? what looks better?

Thanks in advance

grumbler

AFAIK, generally, big credit used is bad for mortgage applications; big credit available is good or irrelevant.

[Deleted User]

britishboy wrote: »

I owe £20k over 4 x 0% BT cards that have 24 months left on each of them, so not a problem paying them off. I'm looking to move house now, and will need a larger mortgage, should i pay off the credit cards with my self select S&S ISA (isnt doing much anyway, had a good year last year) and it'd leave me with £10k to put towards the house move?

And if i pay the cards off in one go, should i actually close them down fully? Or leave them open so on my credit file i have a fair bit of 'available borrowing' to me? what looks better?

Thanks in advance

I would presume it probably makes little difference now mortgage providers are supposed to make more extensive checks on affordability.

i.e. net worth analysis will show you have the assets to settle the debts if needs be (such as when the 0% interest period ends) - it may depend on the risk assessments of the S&S you are currently invested in.

longwalks1

Thanks Starline
Do all mortgage applications do a net worth analysis? Is this a check without you knowing? (I'm not concerned, just interested thats all)

My mortgage has been provisionally approved over the phone going by my last 3 months payslips, and the CC debt I have