Saving for 1st mortgage deposit with some credit card debt

[itsausername]

Is it better prioritising adding more to the savings pot or clearing credit card debt?

Currently we are working away at both - Have savings of around 8k and each have 2k on credit cards (0%percentage).

We both earn circa 30k and are looking to buy our first home, most likely with a 5% deposit. DH and I are currently staying at his parents to help boost the savings. We have been at parents for a few months which is ok but obviously don't want to be here much longer, so looking at the most efficient way of saving/cutting debt which will make us appealing to lenders.

We have an appointment with a mortgage advisor in the coming weeks but just wondered if anyone had any experience/advice on what should take priority.

Our initial plan was to start the process around October by which point we project savings of 11k and and debt of 2.5k based on adding to savings and paying off cards.

We have looked at some calculators online that suggest we'd get up to £230k, although we would really only be looking at property of around 160k. Rough calculations for this would be 8k deposit and money left over for fees etc. This, of course, is all academic based on rates given and individual circumstances.

Wow you each have £2k of debt so actualy £4k in total. So you really only have £4k net savings.

You should each be clearing nearly £2k a month net sothat is income of £4k.

You'e paying £300 rent.

Lets say you need another £1000 between you to service car insurance, travel costs., other expenses, food.

You should be able to get your head down and save at least 2.5k a month.

I'd be surprised at a mortgage of £230k with £8k desposit as isn't 5%, although £160k may be doable.

I'd clear the CC debt first. If nothing else it'll boost your credit rating. If you are currently staying with family if I was you I'd try and stay another few months and see if you can get another 10k together. Bear in mind buying fees will be (very roughly) 4k, plus stamp duty. Plus you may need some money for furnishing your new place.

sandgrown we were massively grateful to my parents but their house was very full and my DM can be difficult at times (she'd be the first to admit it)! plus we had a toddler as well.
All of us were relieved when we moved out!

Have a look at NatWest for Intermediaries website. Our mortgage broker used that as a basic calculator to check affordability. You need to put in all of your earnings, debt etc. and it will show you what you can borrow based on the figures. This was a very useful tool for us as the debt didn't always count as negatively as we had thought.

Thanks @LadyPenelopeCantDance that's helpful.

Will see mortgage advisor says. As I've said we will be staying put for a few months anyway to get more in savings but just wondered if it was worth cutting back the credit card payments a bit to boost he savings.

Update for anyone in similar situation.

We have seen a few different mortgage advisors in the last week as well as our bank and the credit cards aren't an issue. It is just considered as an outgoing.

The amount we owe is taken into consideration when the decision in principal was undertaken. As it is we are only borrowing around two thirds of the amount offered in the decision in principal.