Stoozing & Mortgage Applications

Keanu · 24 November 2004 at 8:28PM

Seeking advice regarding any experiences out there of fellow stoozers applying for a mortgage.

I currently have about £15k stoozed but very shortly will be looking to apply for a mortgage.

No problem over my salary levels, just wondering what effects of this stoozed amount would be?

Should I :

- apply for mortgate without paying back stoozed money, but be ready to justify to mortgage lender that I can pay back all credit card debt if need be?
- repay all stoozed money prior to applying for mortgage

Would mortgage lenders not be sympathetic to us stoozers? Would it not make any difference if I've paid all monies back prior to application?

smartsaver · 24 November 2004 at 10:21PM

We kept our stoozed money (about £75k) but took current savings account statements with us to prove we could pay off cards if required too. We did offer to pay off the cards but was told not necessary. 8)

This was with Britannia. Not sure about other lenders.

This also wasn't our first mortgage..

Martinslovechild · 25 November 2004 at 2:05AM

I don't think I would be unduly worried about £15K, especially if:-

a) it can be easily proven that the money is on deposit elsewhere, and
b) the mortgage PLUS £15K doesn't take you over the 3.5xSalary level that they normally use as a lending limit.

Keanu · 25 November 2004 at 11:26AM

Thanks for the responses.

Makes me feel a little easier, I think.

Wouldn't want to jepeordise mortgage applications and risk the wrath of the 'Better Alf'!!

Bottom line, it would only take a week or so to repay all the debt if neccessary anyway.

Other reason I am loath to give back the money is that I assume it may take a while to get back onto the stoozing game given I'll then be applying from a new address (which would be 2nd new address in 12 months).

booogle · 25 November 2004 at 9:52PM

I couldn't get a BTL mortgage with C&G, my financial adviser said it was because of the number of credit cards and outstanding debt on them and C&G weren't interested in seeing bank statements, the answer was non negotiable. I guess it depends on the lender. I got a mortgage with another lender in the end but ended up with a higher rate.

Keanu · 26 November 2004 at 12:29PM

Booogle,

this was exactly the kind of response I did (but didn't!) want.

I needed to hear someone say that it did affect them when it came to geting the mortgage because I now know I need to make arrangements to pay off the cards once I am definitely going for the mortgage (I didn't want to hear for obvious reasons but that's the old ostrich sticking the head in the sand analogy!)

It's disappointing cause it's means I'm going to end up out of the stoozing game for a while but if it's going to effect the interest rate offered then it looks like I've no choice.

Stoozing & Mortgage Applications

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