We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage appliation and credit cards
Options
feynman33
Posts: 33 Forumite
Hi All,
I'm planning to move house early next year, so i'll be looking for a new mortgage.
My finances/credit score are in good order and i'll have a ~50+% deposit.
Card A: 3 years old, £7300 limit, £0 balance.
Card B: 1 year old, £5750 limit, £1550 balance that i will be paying down to £0 next month.
I will not be making further use of either card.
I
am not concerned about being accepted for a mortgage, but i would like
to MAXIMISE the amount i can borrow. I assume i probably shouldn't cancel them both, but should i:
Cancel card A?
Cancel card B?
Cancel both?
Keep them both active?
Impossible to tell/probably doesn't matter?
Thanks!
{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}
0
Comments
-
Don't make unnecessary changes.
No mortgage lender is going to worry about unused credit on a 50% LTV case.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
kingstreet said:Don't make unnecessary changes.
No mortgage lender is going to worry about unused credit on a 50% LTV case.I'm borrowing on a modest wage around £25k, and slightly reduced term as im aged 47. Every k counts, you don't think the extra unused credit will reduce how much they will lend me?Thanks!{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}0 -
No it wontfeynman33 said:kingstreet said:Don't make unnecessary changes.
No mortgage lender is going to worry about unused credit on a 50% LTV case.I'm borrowing on a modest wage around £25k, and slightly reduced term as im aged 47. Every k counts, you don't think the extra unused credit will reduce how much they will lend me?Thanks!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
If you have 50% deposit surely it's worth clearing the card B balance or is it at 0%?feynman33 said:My finances/credit score are in good order and i'll have a ~50+% deposit.Card A: 3 years old, £7300 limit, £0 balance.Card B: 1 year old, £5750 limit, £1550 balance that i will be paying down to £0 next month.Remember the saying: if it looks too good to be true it almost certainly is.0 -
jimjames said:
If you have 50% deposit surely it's worth clearing the card B balance or is it at 0%?feynman33 said:My finances/credit score are in good order and i'll have a ~50+% deposit.Card A: 3 years old, £7300 limit, £0 balance.Card B: 1 year old, £5750 limit, £1550 balance that i will be paying down to £0 next month.
I've been saving up to clear it next month. I'll have a 50% deposit once i sell my current place early next year... Have just been wondering whever i'd benefit from closing one of the accounts or not, so far nobody suggesting i might...
{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}0 -
Nope. Closing accounts can often be a negative and will have no benefit.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
-
Thanks all for your input
{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards