Pay off debts before saving a deposit?

Just_30

vics199 wrote: »

The mortgage people won't look at the loan from your friend as it isn't official. I pay back my parents monthly and that £300 wasn't taken into account. So you should get a decent mortgage offer.

This is interesting. I checked my credit file with 2 of the big agencies a few months ago and they both put me in the high end of the "excellent" category. Obviously the loan from my friend does not appear here but will the mortgage company look at bank statements for regular outgoings, as I pay this debt monthly by Standing Order?

TakingControl

Just_30 wrote: »

This is interesting. I checked my credit file with 2 of the big agencies a few months ago and they both put me in the high end of the "excellent" category. Obviously the loan from my friend does not appear here but will the mortgage company look at bank statements for regular outgoings, as I pay this debt monthly by Standing Order?

First off, the credit score of the CRA's are meaningless as every lender has their own scoring system. I was classed as Very good with 2 defaults on my credit report

Yes the bank will question your SO as they will want to check at least 3 months bank statements to ensure your application information tallies up with your bank statement