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To pay more towards house deposit or pay off credit card
Elby
Posts: 13 Forumite
Hi,
I am new to the forum so not sure if I've posted this in the correct place, and hopefully I give enough detail on my situation.
Myself and partner are hoping to buy our first home this spring, we have approx £19,000 in a deposit and have a mortgage in principle with London & Country so know roughly what we can afford. We are looking at homes for up to £200,000 but hopefully will buy one for a little less.
I currently have a £6000 on credit cards / loan and pay above minimum requirements each month for this and still manage to pay bills etc each month. I have not spent on these cards for over 4 months and will not be doing so.
My question is, would you suggest to continue paying way above minimum requirements on credit cards (they're both 0%), or put this towards my house deposit which I have a house ISA for? Which would be more beneficial when actually applying for the mortgage and having it accepted.
Any advice would be gratefully appreciated, thank you in advance
I am new to the forum so not sure if I've posted this in the correct place, and hopefully I give enough detail on my situation.
Myself and partner are hoping to buy our first home this spring, we have approx £19,000 in a deposit and have a mortgage in principle with London & Country so know roughly what we can afford. We are looking at homes for up to £200,000 but hopefully will buy one for a little less.
I currently have a £6000 on credit cards / loan and pay above minimum requirements each month for this and still manage to pay bills etc each month. I have not spent on these cards for over 4 months and will not be doing so.
My question is, would you suggest to continue paying way above minimum requirements on credit cards (they're both 0%), or put this towards my house deposit which I have a house ISA for? Which would be more beneficial when actually applying for the mortgage and having it accepted.
Any advice would be gratefully appreciated, thank you in advance
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