Repaying a credit commitment

curious_

Hello,

Since a previous post a number of weeks ago, we have submitted a mortgage application to Accord via a broker. The application was submitted last Tuesday and today we had a valuation of the property we hope to buy. As per my previous post, we have a couple of ongoing credit commitments. One of these is a Tesco bank credit card with a balance of £3500 which we initially thought we couldn't afford to repay. Just prior to submitting our application, we re-did our sums and have worked out that we can afford to re-pay this in time for completion and marked this as such on our application. On Tuesday, our broker's assistant requested that we provide a statement for the account from which the lump sum was to come from that would clear this balance. We will not be paying it off this way (as if we had a lump sum of £3500 spare we would pay it off immediately to avoid the monthly interest!), instead the balance will be reduced monthly from our wages and some planned overtime payments - so this was the explanation we gave to the broker.
Does this seem like an acceptable explanation of how the balance will be cleared? We haven't had any further questions from them regarding it as yet.
Our broker is being excellent - daily updates, even if there is no real news but the waiting is very nerve wracking all the same.

Thrugelmir

we re-did our sums and have worked out that we can afford to re-pay this in time for completion and marked this as such on our application.

instead the balance will be reduced monthly from our wages and some planned overtime payments

So your mortgage application had a false declaration as such. As at the current time you don't have the funds.

curious_

Thanks for your reply. I think I have misunderstood things, given your reply (or perhaps not explained our circumstance properly - I hope this is the case rather than the former).

We will not be completing until September - we are purchasing a new build property, and building does not begin until we sign the missives (we are in Scotland if it makes any odds).

We took the most recent statements of balances on our credit commitments to our broker for his information on our application. He is fully aware we don't have the funds sitting in an account to clear the balance immediately, yet was satisfied to mark that we would repay this commitment prior to completion! Just as we don't have the funds sitting in an account to clear my partner's loan immediately....it has 4 payments left and will be cleared on the 1st July.

It was certainly never our intention to declare anything falsely and lie on our application and as such, as I previously stated, we took statements of every account we have to our appointment!