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Paying of credit cards with deposit

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  • Paying of credit cards with deposit


    I am about to start process of looking for a new mortgage as current house is on the market. Just wondering if is a done thing to use part of my profit from sale (deposit for new house) to pay off my debts as part of the process of getting a new mortgage? If so, will this increase the amount that the banks would lend me if I show willing to clear outstanding balances prior to moving.

  • #2
    The mortgage lender will look at your outstanding credit card balances. It's really important to not look over stretched, I would certainly say don't have more than 15K outstanding in total and also don't go over 75% of your available balance on any of your cards.
    Rick Budge