Coop, Britannia, smile remortgages?

CRAIGSVILLE

Hi all,

I'm looking to remortgage with the Coop, but looking to pay off a few debts first, just incase we get turned down. ( 30K in loans, o/d 's/ +c/c's )
Our debts will be paid off with money from parents, so as not to alarm the Coop with ' where did the money come from' question after looking at our bank statements, I would wait a while b4 applying for the remortgage.

Can any Coop, Britannia or Smile customers who have remortgaged recently, please tell me how many months bank statements were required when applying

Thanks

Craigsville

Thrugelmir

3 months as a guide.

However the potential lender will see the debt being cleared. So may well ask where the funds came from.

If you have an obligation to repay your parents best to come clean at the outset.

The concern for the potential lender is that you'll be likely to make the same decisions again when managing your personal finances.

CRAIGSVILLE

Thrugelmir wrote: »

However the potential lender will see the debt being cleared. So may well ask where the funds came from.

Thanks for the reply Thrugelmir,

They can't see the o/d 's being cleared ( 9k !! ) , so I will pay them off , the c/c 's ( <1k on each) , I will pay off over the 3 months gradually. I may pay the small loan off (3k ) + leave the big one (14k ) in place

Does this sound a better idea?

Thanks

craigsville

Thrugelmir

They'll see the debt you owe over the previous 12 months.

So will know how much you've reduced the balances by.

leicsmark

In the last week I received a remortgage offer from Britannia. They just contacted our employers for a reference regarding our wages. No bank statements, wage slips or P60s were required.

CRAIGSVILLE

Thrugelmir wrote: »

They'll see the debt you owe over the previous 12 months.

So will know how much you've reduced the balances by.

Can they see more than what I can see in my Experian report, because the o/d 's only have a balance and a limit , no monthly records like the c/c's

Thanks

Craigsville

GMS

Have all of the debts been maintained satisfactorily? Have all payments been made on time etc?
Could you afford the credit you have and the mortgage according to the lender's own affordability calculators? If so then less of an issue.
Credit searches will show when debts were settled and show the payment arrangements, i.e £300 x 36 months. It would also show the date the agreement started so not difficult to work out what was owed and when it was paid.
You would be better being honest with the lenders rather than trying to work out when it is 'safe' to say nothing. To the trained eye, credit searches and bank statements will reveal a multitude of sins. Nothing wrong with parents helping their children but the concerns of future debts may well linger.
Be honest as that way you can answer any questions which may arise.

CRAIGSVILLE

leicsmark wrote: »

In the last week I received a remortgage offer from Britannia. They just contacted our employers for a reference regarding our wages. No bank statements, wage slips or P60s were required.

thanks leicsmark,

Do you know if regular overtime can be used in an application?

Thanks

Craigsville