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Mortgage, saving and credit card
missywest2000
Posts: 2 Newbie
Hi all,
Saving to move from a mortgaged apartment to a bigger home, aiming to move summer 2020.
I have about £1500 on credit card - I've been paying off £300 a month and planned to continue to pay it off (I normally exercise better control over credit card), but thought that would it perhaps be better to pay off smaller amounts, and put the extra money into my house savings?
In a nutshell, will mortgage lenders look on me more favourably with £0 on credit card or will I be okay with a few hundred pounds if there's evidence I pay off every month slightly above minimum amount?
Thanks!
Saving to move from a mortgaged apartment to a bigger home, aiming to move summer 2020.
I have about £1500 on credit card - I've been paying off £300 a month and planned to continue to pay it off (I normally exercise better control over credit card), but thought that would it perhaps be better to pay off smaller amounts, and put the extra money into my house savings?
In a nutshell, will mortgage lenders look on me more favourably with £0 on credit card or will I be okay with a few hundred pounds if there's evidence I pay off every month slightly above minimum amount?
Thanks!
0
Comments
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I think it’s mostly about the affordability. Having credit card debt isn’t necessarily a problem as long as you can afford to pay it back, as well as the new mortgage.0
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lenders will lend x4.5 of your gross salary, not including debt however. Try some mortgage calculators, this website has one too"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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