mortgage application

xray8393

Hi guys,

Just a couple of queries before I apply for a mortgage.

I have a salary of £40k. The mortgage I wish to apply for is £90k and it is 80% LTV.

Last month I went over the credit limit of my credit card by £40. I realised this a week later and reduced the amount immediately. Since then I have also paid off over 50% of the outstanding balance so this will not happen again.

I have looked at my callcredit credit report and this error is recorded on it. It is still green as I made the repayment, and it is the only mistake I have ever made with my cards. Will this have a significant affect on my mortgage application? And if so how long should I leave it before applying?

I also had a loan which I have repaid early (by over a year) - do I have to make the lenders aware of this when applying for a mortgage?

And finally can anyone recommend how I go about finding a mortgage advisor? I have tried googling it and wasnt particularily successful. I spoke to one company who really didnt seem bothered - I dont know if its because their commission/payment would be relatively small.

The_Palmist

Can you clear the balance by full before you start looking for a mortgage ? If you can, I would strongly suggest you clear any debt first.

Is this going to be your first mortgage ?

Make an appointment with a bank like HSBC, you can get some valuable free advice and it won't go on your record. They will be able to do a small credit search and advise you how much they will be willing to lend you. Keep in mind the searches might appear on your record so don't do it too often.

Which part of country are you in ? There are some friendly advisers here who might be able to recommend someone.

The_Palmist

They will also take in to account any other debts or outstanding balance.

Hannahkw1

I'd say it would depend on the amount on the credit card too, as me and my boyfriend just got offered a mortgage and his balance was under £1000. If you're credit score is still good then have a chat to an independant mortgage advisor! I am sure they will help you out! Make sure they are free and fully independant!!