40 % LTV Mortgage on hold - Debts still not showing as paid on CR's

M3TTB

Good evening to everyone, I'm still new to these forums so I apologise in advance if this thread is in the incorrect section.

I'm after some advice regarding a Mortgage application my wife & I have made. We have found a house, made an offer which has been accepted and have no chain. We were advised by our IFA that a mortgage would be no issue due to the fact we have less than a 40% LTV on the house we are buying. Circa £400k deposit.

However I recently sold a business and so hence have the large deposit, as part of the business I had some overdraft facilities which were personal to me and I used to keep cashflow in the business. This had an outstanding balance of £32k which I was advised to pay off in full. I duly did this and was told it could take up to 5 weeks to show on the credit reference agencies files. However it has been just over 5 weeks now and although Barclays have reported to the agencies this week, the balance still shows as £32k

I'm frustrated and annoyed by this as they had my money almost 6 weeks ago. The IFA we are using has said we should wait until the debt is cleared on the reports as it would not go favourably with our application. The problem now is that due to the ongoing chain etc I cannot possibly wait another 4 weeks+.

Can anybody else comment on this or have experience regarding this? I'm at a loss on how to speed this up and would like to know if there is anything I can do?

Any advice is appriciated,

All the best,

Matt

izools

Riase a notice of dispute with all three CRAs disputing the data. They will also add a NOC to the credit files stating you have disputed the accuracy of the data.

You can also provide the underwriters with proof of the fact you no longer owe the sum in the form of a statement from Barclays.

Put this past the IFA and see what they say

diable

I have a 28% LTV and am self employed and I can't get a decent rate or they won't process me even though I have another property mortgage free, I feel your pain ;o))

kingstreet

I've never known a mortgage lender take into account commitments which are shown on the application as being paid off on, or before, completion.

Have you made a full application or not? Your opening post suggests you have, then you say your adviser has told you to hold off?