Remortgaging and credit card debt

poiuytrewq10

Hi all,

It might seem a long time away, but gf and I are looking to remortgage at the end of our current 5 year fix in September 2018.

We have been stoozing a small amount on different CCs rather than paying off debts. Currently we have around £2300 on a BT CC which runs out in October 2017 and £2700 on a 0% CC we used to pay for a holiday which runs out December 2017. We also have a 0% purchases CC held in gf name which we use for our food shopping, but pay off chunks off that when close to the credit limit due to the benefits we get through using it.

My question is, should we pay off all the credit card debt when those dates come, or should I transfer all of the debt to another BT CC? My concern is that potentially we'll have £4500 of CC debt when applying for a mortgage and whether or not that will affect our remortgaging?

We have the money available to us to wipe out all our CC debt tomorrow if we wanted but obviously we want to try and earn some interest (whilst you still can...!) on the stoozed money.

Any thoughts gratefully received.

Thanks in advance.

Thrugelmir

Debt of any kind will impact your application even in some way. Not necessarily a deal breaker though. Lenders can see % balance transfers, minimum repayments on credit cards etc. Lenders have no idea of whether you have savings or not. Savings are ignored by lenders as there's no control over what you do with the money. Stoozing works well under the savings are eaten into. Which is the downfall of many.