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First time buyer looking to apply for a mortgage
ShawUK
Posts: 47 Forumite
Hello,
I am looking to get a mortgage with first direct 2 year fixed.
Their calculator says I could borrow 125k
I have my savings scattered over about 10 current accounts all earning various interest rates with no planned overdrafts, many standing orders floating cash back and forth between to take advantage of the accounts and another two joint current accounts, I have 5 credit cards at zero balance. Everything possible outgoing goes on credit card and pay full direct debit but have stopped today as I plan to apply soon.
I have never paid a penny in interest, or charges in my life but borrowed thousands on 0% purchase periods. Im a banks worse customer.
I want to know if I have to end my current banking 'strategy' before applying.
I am looking to get a mortgage with first direct 2 year fixed.
Their calculator says I could borrow 125k
I have my savings scattered over about 10 current accounts all earning various interest rates with no planned overdrafts, many standing orders floating cash back and forth between to take advantage of the accounts and another two joint current accounts, I have 5 credit cards at zero balance. Everything possible outgoing goes on credit card and pay full direct debit but have stopped today as I plan to apply soon.
I have never paid a penny in interest, or charges in my life but borrowed thousands on 0% purchase periods. Im a banks worse customer.
I want to know if I have to end my current banking 'strategy' before applying.
0
Comments
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Can't imagine why what you are describing would be a problem to any mortgage lender.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Might be fun if the solicitors get persnickety about the source of the deposit though...
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Well that's the answer I was hoping for & if I was to get as far as transferring a deposit it would all be moved to one account anyway
Thank you!0 -
Don't. Leave it where it is.
Nothing worse than having to get statements for where it's been moved to as well as where it's moved from.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You have 5 credit cards so if lending limit is say £5,000 on each that is £25,000 worth of credit.
Now they may all be at £100 each now but you still have £25,000 worth of credit!
Time to clear and cancel a few cards ( keep 2)0
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