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How much does credit card debt affect the application
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Rambosmum
Posts: 2,447 Forumite
Currently applying for a remortgage on the house we currently own and live in. 73% LTV.
We have around 10k on an interest free credit card for next 27 months and then 10k in a high interest savings account. So we could if needed pay off the credit card (we have some other savings in addition to this 10k, but less easily accessible). Is this likely to affect the remortgage application and are they likely to ask that we repay the debt? We are only not paying it off so as to earn interest (Will be a couple of hundred by the time the card needs paying off).
We have around 10k on an interest free credit card for next 27 months and then 10k in a high interest savings account. So we could if needed pay off the credit card (we have some other savings in addition to this 10k, but less easily accessible). Is this likely to affect the remortgage application and are they likely to ask that we repay the debt? We are only not paying it off so as to earn interest (Will be a couple of hundred by the time the card needs paying off).
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When you say remortgage are you switching lenders or remaining with your existing one?0
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Run your chosen lender's affordability calculator with the debt, then without it and you'll see the impact.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thrugelmir wrote: »When you say remortgage are you switching lenders or remaining with your existing one?
Probably switching lenders. Shopping around.0
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