Mortgage Application with Credit Card

Daerve

Hi all, I'm going to be applying for a mortgage soon and will finally in just under 2 weeks time be debt free (apart from my mortgage) since my early twenties. :T

Does anyone know whether paying the credit card off in full and closing the account will affect my mortgage application either positively or negatively?

I could do with the cash for the house move (just under a grand to pay off the card) so have no problem keeping the account active unless it may adversely affect the mortgage application. The limit is almost 6k so will the lenders see this as a liability?

I also have another credit card with a limit of £1900 but this is at zero.

amnblog

Provided your affordability fits, the credit card should not be an issue.

Daerve

amnblog wrote: »

Provided your affordability fits, the credit card should not be an issue.

Thanks, just another quick question if you don't mind.

After speaking to my broker the amount we want to borrow shouldn't be a problem, I have however got a temporary promotion at work which will next week see my salary increase by 7k a year. The promotion is indefinite but obviously as it's temporary could see me back on normal wage at any time.

Would the increased wage, temporary as it is be taken in to account by the lender?

I'm confident we'll get the mortgage either way as my Wife and I have excellent credit ratings but a good buffer would be nice.