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Mortgage query
Thommo18
Posts: 10 Forumite
I’m looking to sell my house and buy a new one and have a query regarding a mortgage application.
I had a credit card which I paid towards every month, not in full but more than the minimum, and eventually paid it off in March this year - will this have an impact at all on getting a new mortgage?
I have my mortgage with RBS and also wondering about porting my mortgage to the new house - does anyone know how easy this would be?
I have my mortgage with RBS and also wondering about porting my mortgage to the new house - does anyone know how easy this would be?
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Comments
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Do you no longer have the CC? (you said "had") Or are you simply not using it?
If you have the time to tidy things up - check your credit history and make sure there's nothing else worrying on it (unknown CCJs from PCNs etc) or loads of little credit agreements (home & motor insurance, phone contracts). If your have more credit on your CC then you need maybe get it reduced a bit. Nowt the matter with having £15k that you use occasionally for holidays that then gets paid off but no point in having 4 cards with £20k each and not using more than a few thou on one. Shut the excess ones and/or reduce the credit limits on the others.
I have a flexible mortgage with Virgin One which is RBS and had a substantial amount of CC debt that I was stoozing and paying off. None of that caused any problem on porting the mortgage to a new property 6 years back. It sounds like your situation is better than mine was.
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Thanks for the reply.I cancelled the credit card when paying it off in March. I have an Argos card which is showing as a credit card on my credit file, although I very rarely use it and have no debt elsewhere, just phone contracts and my mortgage.How long did porting take you?0
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Your file shows you consistently making payments above the minimum, and those payments clearing the card - there is nothing else untoward on your report I take it? No payday loans, and your bank statement won’t show betting transactions beyond the occasional flutter, or consistent use of overdraft?Should all be fine - responsible use of credit can go in your favour!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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