Mortgages, credit cards and savings

swindiff

Would having a large amount of debt on credit cards affect someone's chances of a mortgage if they also had a cash reserve which exceeded the debt?

For example. Want to remortgage, house valued at 220k mortgage required 120k. Salary 40k

30k of credit card debt all at 0%

70k in savings at between 3 and 5%

Would the credit card debt have a negative impact on the application?

Thrugelmir

Lenders don't see savings. Nor can they control what you do with them. With £30k of debt the impact will be negative. Lenders are duty bound to look at the worse way scenario. As they don't know you at all. You are simply a name on a piece of paper.

swindiff

They ask for bank statements. I could therefore provide bank statements showing that my cash reserve far exceeded my credit card debt should I need to pay it off.