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FTB. Add extra money to pot or clear 0% credit card debt?
jinkssick
Posts: 1,323 Forumite
I wanted to know what would make me look for favourable to mortgage lenders. Clear my 5.5k 0% (til Aug 2020) credit card debts or just add any additional savings to savings pot?
My combined credit limit is 22k (4x cards). I also read about closing the newest credit cards down also because I am worried they would think limit is so high.
My combined credit limit is 22k (4x cards). I also read about closing the newest credit cards down also because I am worried they would think limit is so high.
Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
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Comments
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any debt may affect affordability, use the online lender calculators to see how it affects you"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
We are in the process of remortgaging. We had 10k on credit cards, including 3k on 0% all lenders were fine with us keeping the 0% card and we offered (and were intending anyway) to clear the others.
It all comes down to affordability. If you can afford the mortgage without clearing it but paying off enough (on paper even if not in reality) each month that it would be cleared by the end of the 0% period then it's fine to keep it.
Personally I'd never close and certainly never ever reduce credit limits/ credit cards. I've only heard of it being bad for peoples credit scores (in real life, not internet reading).0 -
We found different lenders had different approaches. One wanted everything paid off, the other wasn't bothered. I would get a good mortgage adviser to narrow down your options and then find out what each lender would prefer you to do.0
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You're living off debt. Stop.0
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Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"0 -
Your savings consist of whatever you have minus the £5.5k debt. So for example if you had £10k in savings it would really only be £4.5k in savings.0
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It depends on the lender, we are currently going through the process of applying for a new mortgage to move home, and I have £3k on a card, my broker said the bank we are using will accept up to £10k with the amount we are borrowing. Best to check with the lender you are going with, or your broker if you are using one.0
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