Preparing for mortgage application

richy4

Hi all,

A new build development (2 bed flats) I have been waiting to be completed has been released.

I have a deposit in cash of my own (£40k) and my parents have offered to match this to make £80k. This is on an expected purchase price of around £250k.

My main question in preparation for my mortgage application and using advice from this site is as so:

This site and my own personal preference for my peace of mind is to keep an 'emergency fund' of cash, based on this principle, would you recommend putting almost all my savings into my property deposit or to be a bit more careful than this? I am putting over 30% deposit down which I am led to believe is slightly above average and therefore I should get a good mortgage deal on this, so no need to go over this threshold unless I really am going for a cheaper monthly repayment? It would be nice to obviously keep some money for myself after saving so hard for the last few months/years for this! :beer::beer:

I currently also have around £2k of credit card debt outstanding, I intend to pay this off before mortgage application. Should I just clear the balance or should I also close the card? I'm reluctant to do so as it still has a 0% on purchases remaining for over a year still.

Thanks for any answers to the above!