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Budgeting Help needed.
Daytona_nev
Posts: 1,431 Forumite
Help,
I have a real dilemma,
I'm living in rented accommodation with 33k sat in a savings account. I'm looking to buy a house in January around the 175k mark.
I currently have 7k in credit card debt which i currently have on an MBNA credit card & which i move between different MBNA cards every 6
months so that i can enjoy the benefit of paying only £5 a month.
I'll need to have as much of a deposit as possible for january, am currently saving £750 a month so expect to have arounf 36-37k deposit by january.
My salary should be around 35k in Janaury which will mean i should be able to get enough from the bank to get my mortgage.
I'm wondering whether i should pay off my credit card debt now? How much will 7k debt affect how much the bank would give me?
Is there a threshold, i.e. an amount you're allowed to have in debt before over which the bank start to decrease how much they'll give you?
I need to balance off
1) Keeping the debt & having a bigger deposit
2) paying off the debt & having a smaller deposit & a bigger mortgage
I have a real dilemma,
I'm living in rented accommodation with 33k sat in a savings account. I'm looking to buy a house in January around the 175k mark.
I currently have 7k in credit card debt which i currently have on an MBNA credit card & which i move between different MBNA cards every 6
months so that i can enjoy the benefit of paying only £5 a month.
I'll need to have as much of a deposit as possible for january, am currently saving £750 a month so expect to have arounf 36-37k deposit by january.
My salary should be around 35k in Janaury which will mean i should be able to get enough from the bank to get my mortgage.
I'm wondering whether i should pay off my credit card debt now? How much will 7k debt affect how much the bank would give me?
Is there a threshold, i.e. an amount you're allowed to have in debt before over which the bank start to decrease how much they'll give you?
I need to balance off
1) Keeping the debt & having a bigger deposit
2) paying off the debt & having a smaller deposit & a bigger mortgage
0
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