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Mortgage application advice
Missgiggles75
Posts: 25 Forumite
Hi
We're first time buyers and after several months house hunting and saving for a deposit my other halves nan gave us 15k for a deposit. However because my take home pay is 25% salary and 75% commission, my father is acting as guarantor for us, despite having a joint income of 62k pa.
Anyway the mortgage company have done all the checks, we got an offer in principle and now a couple of weeks from the anticipated completion date C and G have said there is some undisclosed credit agreements on my fathers credit report. The mortgage advisor told me this on the phone and within five minutes I was looking at my dads credit report on CredutExpert. Turns out my dad got a loan in 2006 that he'd forgotten about. The repayment finishes Aug 2011, monthly payments of £180. The mortage man says it might affect my dads "affordability" when it comes to being guarantor.
This was a simple, unintended oversight, for which we have apologised.
So, the big question is, do you think they will turn down our mortgage because of this?
Moving house is stressful... But worrying about wether or not we will get our mortgage is making it worse!!
Tracey
We're first time buyers and after several months house hunting and saving for a deposit my other halves nan gave us 15k for a deposit. However because my take home pay is 25% salary and 75% commission, my father is acting as guarantor for us, despite having a joint income of 62k pa.
Anyway the mortgage company have done all the checks, we got an offer in principle and now a couple of weeks from the anticipated completion date C and G have said there is some undisclosed credit agreements on my fathers credit report. The mortgage advisor told me this on the phone and within five minutes I was looking at my dads credit report on CredutExpert. Turns out my dad got a loan in 2006 that he'd forgotten about. The repayment finishes Aug 2011, monthly payments of £180. The mortage man says it might affect my dads "affordability" when it comes to being guarantor.
This was a simple, unintended oversight, for which we have apologised.
So, the big question is, do you think they will turn down our mortgage because of this?
Moving house is stressful... But worrying about wether or not we will get our mortgage is making it worse!!
Tracey
0
Comments
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Sorry but you will just have to wait and see what the lender decides0
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See what the lender says and if there decision is unfavourable, but would be different if the loan is repaid, ask nan to pay off the loan0
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