Referred to mortgage underwriter - advice please!

FTBMatt

Hi,

After the opinions of those more learned/experienced than myself!

My Girlfriend and I are in the process of buying our first house. Agreement in principle in place, offer on the house accepted, solicitor instructed, full mortgage application submitted.

The mortgage we have applied for is the Britannia Graduate product with a 10% Deposit. We're lucky enough that the monthly payments won't stretch us being only a little more than our current rent.

Got a call today from Britannia to ask a couple of questions as they have referred our mortgage to the underwriter.

The lady asked about a missed payment on a credit card from November last year. I had made a balance transfer ~12 months previously for my brother (there was a 0% offer for balance transfers) and he was making monthly payments by direct debit to the account. His November payment didn't go out as for one reason or another he was paid late by his work, I only found out when the statement came through stating a missed payment. Spoke to the card issuer and explained and they agreed to wave the late fee. I subsequently cleared the balance myself and my brother is paying it off direct to me. I didn't realise at the time that a mark would be left on my credit score.

They also asked about a couple of old credit cards being registered to an old address (my parents). I explained that these haven't been used for a while and date back to when I was living at home with my parents - she said this was no problem.

I asked whether it was a person or a computer that makes the decision and she said it was a person so I'm hoping they'll understand.

Bit concerned as to how this may affect the decision. Aside from that missed payment my credit history should be squeaky clean. Clear my credit card bill in full each month, all other household bills are by direct debit including council tax.

We're due to hear by Thursday but the waiting is killing me!

Anyone have any thoughts as to which way this may go? Thanks for any words of wisdom.

Matt

Crashandburn

I don't think anybody on here will be able to comment too much on which way this may go for you but you have to take the positives that they have discussed the matter with you rather than a straight decline and the fact that somebody will be looking into the matter manually.

The only thing I can see them being unhappy about is the fact you are allowing somebody else to run credit against your name i.e. your brother.

Good luck

FTBMatt

Crashandburn wrote: »

I don't think anybody on here will be able to comment too much on which way this may go for you but you have to take the positives that they have discussed the matter with you rather than a straight decline and the fact that somebody will be looking into the matter manually.

The only thing I can see them being unhappy about is the fact you are allowing somebody else to run credit against your name i.e. your brother.

Good luck

Thanks. Yes, lesson learnt with respect to running credit for my brother! I'll keep my fingers crossed...