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Advice on what to do before applying
DoorJ
Posts: 2 Newbie
Hi all. I’m 25 about to buy my first home. Little bit of background. I earn £2700pm after tax and not much outgoings, maybe £600pm most of which is CC debt. So my Issue is
I have £30,000 deposit, but also have £16,000 CC debt which I pay back at £400pm.
I’ve saw a property for £210,000 and I’ve used the online calculators etc which all come in Ok, but I’m wondering wether it would be better perhaps to use £10,000 of the deposit to clear the majority of the debt? I would be left with sub £6000. £30,000 deposit is 15% deposit while £20,000 is 10%.
I know debt can be a huge factor especially a large amount, would it matter in regards to how it appears on my credit file?paying a large amount of so soon before I apply for a Aip?
Thanks a bunch :money:
I have £30,000 deposit, but also have £16,000 CC debt which I pay back at £400pm.
I’ve saw a property for £210,000 and I’ve used the online calculators etc which all come in Ok, but I’m wondering wether it would be better perhaps to use £10,000 of the deposit to clear the majority of the debt? I would be left with sub £6000. £30,000 deposit is 15% deposit while £20,000 is 10%.
I know debt can be a huge factor especially a large amount, would it matter in regards to how it appears on my credit file?paying a large amount of so soon before I apply for a Aip?
Thanks a bunch :money:
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