Help Please

joewa · 4 January 2017 at 1:34PM

Hi

We have been trying to save for a bigger mortgage, situation is :

My Salary : £44000
Partners Salary : £21000

Current Mortgage : Owe £75000, Pay £400 per month
Bank Loan : Owe £8000, Pay £550 per month
Credit Card 1 : Owe £5000, pay minimum amount ( Interest free until May 17)
Credit Card 2 : owe £4500, pay minimum amount ( Interest free until Sept 17)
Credit Card 3 : Owe £2000, pay minimum amount ( interest free until Nov 17)
Credit card 4: O balance

We are wanting to buy a new build in summer which will be about £210000. We have saved about £15000.

Should I pay as much debt as I can off or what

joewa · 4 January 2017 at 1:37PM

Should say that I have been making additional payments to my loan also

Pixie5740 · 4 January 2017 at 2:15PM

This is probably more of a question for the Mortgage & Endowments board. There are several mortgage brokers who regularly post there.

enthusiasticsaver · 4 January 2017 at 3:10PM

Any debt you have will be taken into account when deciding affordability for a new mortgage so yes I would try and pay off as much as possible. Presumably if that £5k is not repaid by May you will pay off from savings? Personally I would try and get rid of as much as possible as quickly as you can. Why do you need 4 credit cards?