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First time mortgage advice
jayjay_88
Posts: 13 Forumite
I'm looking to apply for my first mortgage towards the end of this year, and am trying to get my finances in order as well as saving for a deposit.
My main concern is that I still have a fair balance on my credit cards, but am trying to bring them down as quickly as I can. Will I still be considered for a mortgage with debts on credit cards? I'm not spending on them, just paying it off, but won't be able to completely clear them before applying, and have not missed payments. I'll probably have about £8,000 debt by the time I apply...would mortgage lenders just reject me straight away for this?
Thanks!
My main concern is that I still have a fair balance on my credit cards, but am trying to bring them down as quickly as I can. Will I still be considered for a mortgage with debts on credit cards? I'm not spending on them, just paying it off, but won't be able to completely clear them before applying, and have not missed payments. I'll probably have about £8,000 debt by the time I apply...would mortgage lenders just reject me straight away for this?
Thanks!
0
Comments
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No but it would affect your affordability.I am a Mortgage AdviserYou 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.0
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