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New mortgage soon: pay off all or part of credit card
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nevster123
Posts: 1 Newbie
Hello,
I am going to be buying a new property and getting a new mortgage in early December.
I have £1,382 on my credit card (it was £1600 last month) (it's not a massive amount but is still something)
Between now and December I could :
(a) pay it all off - this I could do by changning my spending habits for the next three months and paying off £450 per month. With my salary (£54k) I could do this by having a few weekends in and being careful. This behaviour would be irregular compare to previous months for my account and my concern is that, whilst this would be a good thing to do, it would look irregular and to the mortgage affordability checks it could end up looking like I don't have money to play with and thus couldn't afford a decent mortgage
(b) pay off ~£250 per month (leaving 632 come December) very comfortably which is what I would normally do if I didn't have a new mortgage coming up. I would have some money to play with in my debit account by the end of the month. In this situation I think I would appear to be in control of my smallish credit card balance, paying it off whilst also having a comfortable amount of money in my account every month.
(c) pay off only the balance due (£30 or so a month) and have plenty of cash spare in my debit account by the end of each month. This is not what I normally do but it could show me as being very comfortable to affordability tests.
What is the best course of action? I feel like (2) probably is but I am not that knowledgable on this.
I have never been late wtih or failed a credit card payment.
Thank you!
I am going to be buying a new property and getting a new mortgage in early December.
I have £1,382 on my credit card (it was £1600 last month) (it's not a massive amount but is still something)
Between now and December I could :
(a) pay it all off - this I could do by changning my spending habits for the next three months and paying off £450 per month. With my salary (£54k) I could do this by having a few weekends in and being careful. This behaviour would be irregular compare to previous months for my account and my concern is that, whilst this would be a good thing to do, it would look irregular and to the mortgage affordability checks it could end up looking like I don't have money to play with and thus couldn't afford a decent mortgage
(b) pay off ~£250 per month (leaving 632 come December) very comfortably which is what I would normally do if I didn't have a new mortgage coming up. I would have some money to play with in my debit account by the end of the month. In this situation I think I would appear to be in control of my smallish credit card balance, paying it off whilst also having a comfortable amount of money in my account every month.
(c) pay off only the balance due (£30 or so a month) and have plenty of cash spare in my debit account by the end of each month. This is not what I normally do but it could show me as being very comfortable to affordability tests.
What is the best course of action? I feel like (2) probably is but I am not that knowledgable on this.
I have never been late wtih or failed a credit card payment.
Thank you!
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