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Mortgage Credit check a month behind?
tyler80
Posts: 364 Forumite
Saw a mortgage advisor earlier today, all fine. I have the final payment of a loan to make mid-april and so I hadn't mentioned this in my outstanding commitments when we were looking at borrowing limits (we haven't seen a house we like yet). Mortgage advisor said that the credit check sites (i think she said they used experian) would still show that as outstanding commitment as they take a while to update and it could affect an application should we find a house in the next couple of weeks.
Is that really the case? I'd assumed that even if the amount outstanding showed up on my credit record then it's for such a small amount (150 quid) that it wouldn't matter but she seemed to suggest it would be looked at as a monthly commitment of 150.
Is that really the case? I'd assumed that even if the amount outstanding showed up on my credit record then it's for such a small amount (150 quid) that it wouldn't matter but she seemed to suggest it would be looked at as a monthly commitment of 150.
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I would imagine that smoothing over an issue like this is all part and parcel of a good mortgage advisor's bread and butter.
It would help if you have documentary evidence - eg the loan agreement and repayment schedule - which in conjunction with the credit file would show that the liability was 1 payment of £150. Give copes to the mortgage advisor. And consider paying the loan off immediately from savings. A discrepancy of £150 on your savings is surely less of a bother to a lender than £150/month commitment.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
The suggestion was that even if I paid it off now, it would still show up as experian don't update in real time.0
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I thought it used to be the case that any commitments ending in less than 6 months or of less than £500 didn't count.0
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Then the sooner you pay it off, the better.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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