Mortgage Application Underwriter Worry

black_at

I've passed the computer application and the Mortagage company now require my latest pay slip and latest bank statement.

My statements are normally squeeky clean. However, last month a direct debit took me to -13 one day before pay-day and another payment for my mobile company of 28.50 was bounced on the same day.

Will this be a problem taking into considerdation that my credit check returned fine? I've never been over my limit in the last year. Typical that I do it now!

Dave_Ham

Genuinely it will depend on which lender it is?

Some this will be an issue, others not...

Soot2006

This happened to me just before my mortgage application was finalised as well. 6 years without ever slipping up and then suddenly in the panic of the house buying, etc, I miscalculated and went into unauthorised overdraft and all the consequent shebang .... Northern Rock asked me about it and I explained it was a miscalculation and luckily they seemed to accept this.

Good luck with it, it's always a worry!!

black_at

It's through Woolwich.

I know they asked for the latest, but I'm think of sending the prior months pay slip and bank statement to get around it. Hmmmm...

Or I could send a letter of explanation with it just in case they decide to query it.

Senior_Paper_Monitor

Send both by all means - but not the old ones only. If you do they will simply ask for the latest and it then won't be difficult what you were trying to hide !

This would not be the best way to try and enter a relationship with a third party who you are asking to trust you with a large sum of their money.

Be aware it is very likely that the issue is also likely to reflect in a credit check later in the process - come clean, explain it and hope they play ball.

The biggest issue in deciding their likley response - what LTV ?

The_J

I doubt they'll care.

black_at

It's an 80% mortgage. £82k for a £105k house.

I'll send the most recent one with a letter of explanation as to my miscalculation and that it was infact Orange's fault, who tried to charge me on 30th instead of the correct 1st.

Dave_Ham

Actually, I would not bother.

Typically the statements are to check the bacs payment for income ties up and that there is nothing sinister on there.

They will know you were over the top from their credit risk profile and you sending a letter, just forces an underwriter to read and review which may envoke more questions than answers.

I would send the statement and if they ask the question, you have an honest answer..

Good luck