How long before mortgage fixed-rate expiry to sort out (reduce) credit card usage?

MeeMawTucker

https://forums.moneysavingexpert.com/discussion/comment/81860637#Comment_81860637

Oh! I thought the credit card debt would be a really big factor!

I would much prefer to keep the cards running up to and beyond that date, albeit with a smaller balance, as it’s worked really well freeing up money for university costs etc, whereas a few months after the mortgage renewal those costs will start to decrease (as one kid finishes) We’ve managed it fine in terms of paying off BTs before they finish their 0%, so it would be great if we could just continue chewing away at it all after the mortgage is sorted.

Thank you for your advice; maybe I don’t need to start panicking within a prescribed timetable then…

borack253

It’s best to start reducing your credit card debt gradually now. Aim to lower balances well before your mortgage fixed rate ends. Staying with Lloyds usually means you can switch rates without a full credit check, but if you remortgage elsewhere, lenders may consider 3-5% of your credit balances. Paying down debt steadily now, especially in the 6-12 months before your fixed rate ends, will keep your options open.