Too much available credit (prior to mortgage application)

alexmclaa

Hello!
I'm currently earning >30k and I'm about to apply for a first mortgage at age 23.
I've got 4 credit cards which have the combined limit of 16.2k
I'm applying for a mortgage next week and I'm praying that this won't impact it. (I'm really worried about this)
All cards have a balance of £0
Are the chances of me getting a 140k mortgage + a 30k deposit good? 
Thanks!

csgohan4

looks good,  have you tried the affordability calculators for some lenders, their usually a reasonable ballpark figure. It isn't the credit limit but rather the utilization of it. Staying below 50% seems sensible

Majoggy

I had a combined limit of 30k on my credit cards, with about 2k on them. The broker was not concerned and didn't seem an issue. As the person above me said, utilisation is the issue.

Saying that I have cancelled a few cards now as the limit seemed a little OTT, a hangover from my balance transferring days.

alexmclaa

Majoggy said:

I had a combined limit of 30k on my credit cards, with about 2k on them. The broker was not concerned and didn't seem an issue. As the person above me said, utilisation is the issue.

Saying that I have cancelled a few cards now as the limit seemed a little OTT, a hangover from my balance transferring days.

Ahh thank you. I have literally £0 debt. I used to do balance transfers a lot, and that's how I accumulated them.

alexmclaa

csgohan4 said:

looks good,  have you tried the affordability calculators for some lenders, their usually a reasonable ballpark figure. It isn't the credit limit but rather the utilization of it. Staying below 50% seems sensible

Yes I have, and it's been ok. I am more concerned about whether I'll be considered a risk with that much available credit.
I have £0 debt though. Nothing on any of the credit cards. Only a phone contract and a couple of DD's / recurring card payments which make it up to about £140 a month