Remortgaging with Credit Card Debt

Taitch

Hi


The two-year fixed term of my mortgage runs out in December and I currently have a balance on an interest free credit card. I'm currently paying the credit card off at more than double the minimum payment and the balance will be comfortably clear before the interest free period runs out in June next year.



I can just about afford to clear the balance before December, but this will mean wiping out savings and being a bit of a skinflint between now and then.



My credit rating on Experian is 'excellent'.


My question then is this:


Will having a balance on the credit card effect the remortgage application much, or can I afford to hold onto my savings and buy the odd luxury?

ACG

There are a lot of posts on here about mortgages and debt, some as recently as the last day or 2.

Debt in itself is not an issue if it is affordable in the eyes of the lender and you are making payments on time.

kingstreet

Run lender affordability calculations with the card debt and without it and see the difference in your borrowing power.