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Stoozing effect on BTL mortgage?
MisterMotivated
Posts: 604 Forumite
Hi all, I'm looking for a bit of advice from the wise people on here before I speak to anyone in an official capacity.
Basically, I'm not too far off where I'd like to be in terms of a funding for another BTL. I'm also stoozing around £5k (split over 3 cards) with at least a year left on all 0% deals. I've discounted that £5k from my deposit amount, but I'm wondering what would happen if I went ahead with BTL mortgage application with the extra £5k on my deposit, offset by £5k credit card debt. I know this would have a big impact on residential mortgage application due to affordability questions but, how far would it be taken into consideration on a BTL application?
Increasing my deposit naturally would mean waiting almost another year, but I would like to be able to move forward sooner if possible (I know I'd be hit by the new stamp duty changes but I've done my sums and prices are relatively low where I'm looking anyway).
Assuming it goes ahead, monthly affordability shouldn't be an issue and I should still be able to clear the cards in time if for any reason I can't get another BT card when the current deals are up.
Basically, I'm not too far off where I'd like to be in terms of a funding for another BTL. I'm also stoozing around £5k (split over 3 cards) with at least a year left on all 0% deals. I've discounted that £5k from my deposit amount, but I'm wondering what would happen if I went ahead with BTL mortgage application with the extra £5k on my deposit, offset by £5k credit card debt. I know this would have a big impact on residential mortgage application due to affordability questions but, how far would it be taken into consideration on a BTL application?
Increasing my deposit naturally would mean waiting almost another year, but I would like to be able to move forward sooner if possible (I know I'd be hit by the new stamp duty changes but I've done my sums and prices are relatively low where I'm looking anyway).
Assuming it goes ahead, monthly affordability shouldn't be an issue and I should still be able to clear the cards in time if for any reason I can't get another BT card when the current deals are up.
0
Comments
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Any lender will ask for a full breakdown of you assets and debts.
Using borrowed money as part of a deposit will ring so many alarm bells to the lender.0
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