Clearing debt before Mortgage appointment?

Red_Noko · 8 May 2016 at 8:01PM

Hi all, long time lurker here and now need some of your brilliant advice

We have recently sold our house and had an offer accepted on a larger property, old house is in partners name and mortgage for new one will be in both of ours. My credit isn't brilliant as have two credit cards at their max, partners is excellent, not made any application for credit in years. I have recently inherited a sum of money that part will be used for new house deposit and to clear my credit off.

Mortgage appointment is on Wednesday, inheritance money will be clear in my account on Tuesday, do I clear my credit cards begore the appointment? I guess it won't help the hard search but shows my outgoings a lot less??

Any advice?

Muscle750 · 8 May 2016 at 8:16PM

Its got to be paid at some point i would do it if i knew that i would still have enough for the deposit on the house, It certainly wont do any harm in paying it off plus you will have more money each month .............plus cut them up handy for emergencies yes but easily abused

Debtslayer · 9 May 2016 at 6:31AM

Pay off the cards, then you can go into your mortgage appointment with the knowledge it's paid off and it shouldn't then affect your application. But have you addressed the reason why you have cards maxed out?
If not then it's likely to happen again
Try to keep some of the money back from your inheritance in savings as your emergency funds