Made mistake in my mortgage application

flickerty

My partner and i made our initial mortgage application with Natwest a couple of nights ago - all went fine and we received documents today but to my horror i've just realised that i completely forgot about my student loan when i was asked about our loan payments. I can't believe i've been so dull, my head was in a bit of a spin after having our offer accepted - the payments (£110/month) are automatically deducted from my wages each month so it barely registers anymore that i have that loan.

Obviously i'll call first thing in the morning to ammend this but i'm worried that they will now need to do a whole new application and credit check on us... will this be the case? I was so relieved that the credit checks came back fine but now i'm really worried that this will make a big difference and add a whole new search to our file.

Cazza

Generally, mortgage companies aren't interested in the type of Student Loans orgnised by the SLC and deducted from your salary. They aren't a loan as you would get from the bank, so it won't show on a credit search. If you income drops your repayments will drop with it. You're doing the right thing by calling them, but it's unlikely it'll make any difference.

flickerty

Thanks Cazza, good to hear it might not make too big a difference. So will the credit check they've already done still stand even though this will be new information?

northerner79

Flickerty, don't stress over this minor issue! Feel free to bring it up with the bank/broker you used if you want to put your mind at rest but it is unlikely to impact on the application!