Newbie - Mortgage Question

Moving_on_2

Ok so here goes my first post.....

My husband and I have sold out flat and have had an offer accepted on a new house, all we need before signing final contracts on the new place is a new mortgage deal. Am currently with the halifax but my estate agent's mortage broker had a scout about what deals he could get and was able to get me a better rate with Lloyds TSB. We gave them the required information but Lloyds have come back saying my info doesnt match what they found on their credit searches.

I have recently (in the past week) paid off 2 credit cards, with a combined balance of 5k. This is not yet showing up on my experian report, I have one other balance of 1200 and a loan with approx 4k outstanding. Ive never had any late payments/ missed payments on any cards or loan and My husband has an almost perfect credit history with no outstanding loans or credit card balances. We have confirmed all my outstandings and my recently paid balances to Lloyds in the hope that this will allow them and us to move on with the process.

Realistically, given everyones experiences, what do you think are our chances of being approved for the mortgage? Also do you think it would be a good idea to show them copies of my statements that now say balance 0?

happybroker

I feel the recent reduction in credit card balances may be a factor and if you can prove that the payments have been made then that will help I feel.

Please also consider other advice. Estate agent mortgage advisers sometimes work from a very limited panel but are still able to call themselves whole of market (which is another matter completely). Many will also flog you protection products with inflated premiums to increase their commission payment.

VIGILANT22

[QUOTE=happybroker
Please also consider other advice. Estate agent mortgage advisers sometimes work from a very limited panel but are still able to call themselves whole of market (which is another matter completely). Many will also flog you protection products with inflated premiums to increase their commission payment.[/QUOTE]

Does this mean when you arrange a mortgage for a client you don't advise as how best to protect themselves? and if you do are you paid commission....