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Will 0% debt impact a mortgage application?
diggingdude
Posts: 2,506
Forumite
Hi, hopefully putting my house on the market in the next week or two. When applying for a mortgage would having £4k on a 0% credit card massively Impact an application? I bought an engagement ring and put it there whilst keeping the money in a 5% account. I could obviously pay it off if needed.
For information
House value circa £180k
Mortgage owed £77k
Savings £27k including the amount for the ring.
Thanks for any pointers
For information
House value circa £180k
Mortgage owed £77k
Savings £27k including the amount for the ring.
Thanks for any pointers
An answer isn't spam just because you don't like it......
0
Comments
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Assuming your incomes are enough to cover the mortgage, the debt (it would be treated as paying around £120pm) and living expenses (based on the lenders affordability calculator it should be fine.
As a general rule of thumb you can obtain around 4.5x your income so even on a modest salary it should be ok.I am a Mortgage AdviserYou 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.1 -
Hi thanks, knew I missed something. House is only £250k we are looking at and salary covers payments no problem etc. ThanksAn answer isn't spam just because you don't like it......0
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