Mortgage app approved but credit card debt increased

whitescarf

...I have even told the conveyancer about it all as well and they also told me that it is fine. I have all confirmations from my mortgage advisor and the solicitor by email. The only confirmation I do not have is one directly by the bank which I think is the most important one, but as I am going with the broker, I do not have any communication channels with them.

robatwork

whitescarf wrote: »

And yes I can def afford the debts, the mortgage repayment of this new mortgage is less than the one I have now, and bear in Ming I have managed to save 6k in 12 months with my current car loan and mortgage with normal living expenses, so I would be infect replacing my saving with a credit card repayment to pay it off quickly

says "banks are merciless"

whitescarf

robatwork wrote: »

says "banks are merciless"

I meant "mind" not Ming!!!

zarf2007

whitescarf wrote: »

...I have even told the conveyancer about it all as well and they also told me that it is fine. I have all confirmations from my mortgage advisor and the solicitor by email. The only confirmation I do not have is one directly by the bank which I think is the most important one, but as I am going with the broker, I do not have any communication channels with them.

as bad as it sounds I think your best bet is to just keep quiet and limit your risk by exchange and completion on the same day....

robatwork

whitescarf wrote: »

I meant "mind" not Ming!!!

Not only did you say Ming, but you even capitalised it, proving you are in fear of merciless banks, and Flash Gordon (Brown).

Blessed be.

shaundiamonds

If you can afford it, don't worry about it - to be honest I would not search these boards with minor worries like that that - you get all sorts of negative responses and scare stories. I found the whole mortgage process easy as long as you are honest (with yourself too).

Most banking systems do it in real time these days with automated CRA systems flagging new credit and I imagine do a reactive check on something they know already (thus marking your "credit report").

whitescarf

spoke to a mortgage advisor at halifax for a second opinion, they looked at all my details and told me its all still affordable regardless of the extra credit card debt and i should not have anything to worry about. Its not as if i have been trying to hide something, and i have been upfront with this with my mortgage advisor as soon as i was aware that i needed the extra money.

gazter

zarf2007 wrote: »

as bad as it sounds I think your best bet is to just keep quiet and limit your risk by exchange and completion on the same day....

That sounds like the best thing to do. Maybe wouldnt have designed the situation to be as it is, but there you go. What is there to gain? If they are fine, they are fine, if not, it doesnt matter if you told them now or later, you have lost the application.

Noddy32

I have nothing useful to add but to say that the Ming post has me in stitches! Sorry. :rotfl:

Thrugelmir

whitescarf wrote: »

spoke to a mortgage advisor at halifax for a second opinion, they looked at all my details and told me its all still affordable regardless of the extra credit card debt and i should not have anything to worry about. Its not as if i have been trying to hide something, and i have been upfront with this with my mortgage advisor as soon as i was aware that i needed the extra money.

Mortgage advisor's don't make the decisions that matter. Underwriters do.