mortgage with credit cards

sparklecity · 14 March 2015 at 2:59PM

kingstreet wrote: »

No. What I said was they will take 5% of the balance, ie £150 and deduct that from what you can afford to pay for a mortgage each month, reducing the amount you can borrow.

You would need to enter your details in your chosen lender's affordability calculator to establish what is and isn't possible, or have your broker do it for you.

As an example, one leading lender indicates £117,000 maximum, over 30 years on the HTB - MG scheme, assuming no dependents, no childcare, no other credit, no student loans, no season ticket loan, nor ground rent & service charges.

I see, thank you for explaining.

mlp · 14 March 2015 at 5:35PM

kingstreet wrote: »

It is usually necessary only to indicate that a credit commitment will be repaid on or before completion, not to pay it off before you apply.

How does a lender satisfy itself that the debt has been repaid before completion? Do they look again at the credit reports or ask the borrower to supply credit card statements?