Hi all,
Our mortgage is up for renewal in Sept 13 and already starting to prepar ourselves to ensure we are able to get the best deal if going from fixed rate to variable rate is not the best....
However we are expecting our first child in June and ideally we could do with a new car (to increase suitability for family life and to replace a 'banger' that's starting to show its age)
We have very little debt, just the mortgage and a small dfs 'buy now pay over 3 years' sofa loan which we are a year into and loan was 800!. Both have student loans
I have 2x credit cards, one with 6400 credit (Natwest), and the other with 2400 (tesco). The wife has 1x card with 7400 (tesco) credit on it. We only use the cards for the protection they offer and to collect club card points. Paid off in full each month.
As for income, I'm on 30k and wife is on 22k and we are able to scrape into savings wife's full wage (although we pay car ins/house ins/tv licence/road tax out of this each year in full)
We currently have around 25k in savings, and also over pay our mortgage by £30 a month (more to round it up to a nice figure)
So all in all a good position.
My plan was to cancel my un-used credit card as it was only ordered so I had 2 for a car hire for our wedding early this year, and take out another under the wife's name so we can load around 50% of the new car (other 50% coming in form of cash from savings) and just pay it off in the interest free period. Credit card would be loaded with around £4500 from car purchase.
However with the wife going on maternity (6momths full pay, 3 months standard maternity and 3 months nothing), and loading her up with more available credit, I was wondering if this plan/situation would have a massive impact on potential mortgages renewal (currently 6.5%ish), and maybe we should be looking at further reducing our available credit.
Thanks
Our mortgage is up for renewal in Sept 13 and already starting to prepar ourselves to ensure we are able to get the best deal if going from fixed rate to variable rate is not the best....
However we are expecting our first child in June and ideally we could do with a new car (to increase suitability for family life and to replace a 'banger' that's starting to show its age)
We have very little debt, just the mortgage and a small dfs 'buy now pay over 3 years' sofa loan which we are a year into and loan was 800!. Both have student loans
I have 2x credit cards, one with 6400 credit (Natwest), and the other with 2400 (tesco). The wife has 1x card with 7400 (tesco) credit on it. We only use the cards for the protection they offer and to collect club card points. Paid off in full each month.
As for income, I'm on 30k and wife is on 22k and we are able to scrape into savings wife's full wage (although we pay car ins/house ins/tv licence/road tax out of this each year in full)
We currently have around 25k in savings, and also over pay our mortgage by £30 a month (more to round it up to a nice figure)
So all in all a good position.
My plan was to cancel my un-used credit card as it was only ordered so I had 2 for a car hire for our wedding early this year, and take out another under the wife's name so we can load around 50% of the new car (other 50% coming in form of cash from savings) and just pay it off in the interest free period. Credit card would be loaded with around £4500 from car purchase.
However with the wife going on maternity (6momths full pay, 3 months standard maternity and 3 months nothing), and loading her up with more available credit, I was wondering if this plan/situation would have a massive impact on potential mortgages renewal (currently 6.5%ish), and maybe we should be looking at further reducing our available credit.
Thanks