Stoozing success

Tracyk_2

If I am thinking of moving house in the near future - should I wait before starting to stooze in case it affects my credit rating? I will prob stay with my current B Soc and have a good relationship with them - so could explain what I'd been doing to them if I need to.

Clariman

Tracyk wrote:

If I am thinking of moving house in the near future - should I wait before starting to stooze in case it affects my credit rating? I will prob stay with my current B Soc and have a good relationship with them - so could explain what I'd been doing to them if I need to.

Personally, if I were going to be making a mortgage application, I would stop stoozing and close down some cards. However, not everyone does. When a mortgage lender decides what they will lend you (e.g. 3.5 x salary or whatever it is these days), they take off what you already have borrowed elsewhere. So, if you have £30,000 stoozed, then you will get a max mortgage which is £30,000 less than what it could have been. However, if you show the lender all your savings (stooz pot) cover the outstanding debt, then they may be prepared to take this into account and give you the full amount.

I wouldn't take the risk because I am fairly risk-averse. Stoozing money is a 'nice-to-have'. Having a roof over your head is an essential.

Clariman