Remortgage and Credit Cards

Konrad.

And the end of a year me and my wife need to do remortgage. At the moment we have 20 years left, and around 74000 to pay left (value of property around 130).

We want to cut that period from 20 to 10 years. So, obviously that double are monthly payments. We have two small cash loans, but they will be paid by end of summer.

Each of us, has 3 credit cards:

HSBC - which we are using for all payment through a year, and we are paying it in full, every few days. (limit 6K both)

Halifax Clarity - we are usign it only abroad, and for pruchase in different currency, and we are paying in full, ASAP. (lmit 8K, and 3K)

Santander Credit Card - we have this one, just because 0% transfer fee, and we have still 2000 to pay (each), with 5000 credit limit.

My question is, what to do with a Santander credit card? We have a cash to pay it full, is a right thing to do, casue we dont pay any interest until May next year.

Is a good thing to do to close Santander after we paid it, or better is keep it, just in case?

What about high credit limit on Halifax, is that could make any problem to get good mortgage deal? Honestly I dont need such a high credit limit (8K).

Thanks for help, Konrad.

K_S

@konrad. Quick general thoughts -

- whether you leave the cards open or closed is unlikely to make your remortgage any easier/harder

- keeping the background cc debt of 2k (or 4k?) may or may not have an impact on your remo and your ability to go down to 10 years on the term, that'll depend on your income levels primarily. 

- it might be worth playing around with a couple of lender affordability calculators to see if the cc debt has an impact on your ideal plan of action

https://www.nationwide-intermediary.co.uk/calculators/affordability-calculator

https://online.accordmortgages.com/public/mortgages/quick_enquiry.do

Konrad.

thank you.