Credit Card Utilisation Before Completion of Mortgage

poohjj

Hello,

I have a mortgage offer with skipton and due to complete end of march.

I just wanted to ask about credit card utilisation and if it can affect my mortgage. I have two credit cards and the total balance for both of them is 2400.

My current credit card utilisation is 88% for both cards. I have paid it off however it hasnt reflected on my credit report for experian due to the credit card company notifying the lender at a weird time.

Does anyone know if this will affect my mortgage application if they do a final credit check before completion? I have a salary of £127,000 so the ratio is obviously fine but just a bit paranoid.

Also does anyone who has a mortgage with skipton building society know if they do final credit checks before completion?

Thanks in advance.

housebuyer143

poohjj said:

Hello,

I have a mortgage offer with skipton and due to complete end of march.

I just wanted to ask about credit card utilisation and if it can affect my mortgage. I have two credit cards and the total balance for both of them is 2400.

My current credit card utilisation is 88% for both cards. I have paid it off however it hasnt reflected on my credit report for experian due to the credit card company notifying the lender at a weird time.

Does anyone know if this will affect my mortgage application if they do a final credit check before completion? I have a salary of £127,000 so the ratio is obviously fine but just a bit paranoid.

Also does anyone who has a mortgage with skipton building society know if they do final credit checks before completion?

Thanks in advance.

Did you tell Skipton the balances and if you were paying them off? 
If yes, your lawyer will expect to see a statement showing them paid off.
If you didn't plan to pay them off then Skipton already took this into account so there is no issue at all. 

poohjj

@housebuyer143 hey,

So when I done my mortgage application I told skipton I pay it off in full every month which I do. However as I said they reported it to Experian at a weird time which makes it look like I have high credit utilisation.

When I done my application with Skipton the balance was low.

What do you think will happen

housebuyer143

poohjj said:

@housebuyer143 hey,

So when I done my mortgage application I told skipton I pay it off in full every month which I do. However as I said they reported it to Experian at a weird time which makes it look like I have high credit utilisation.

When I done my application with Skipton the balance was low.

What do you think will happen

Honestly, it will be fine. Skipton are very common sense lender and if by chance they did another credit check which is low, you can just show the lawyer your statement to show it's paid off.