Mortgage Application

XboxGeek7

Hi

Me and partner have applied for a mortgage through HSBC. HSBC is my partners bank and I bank with Natwest.

We are first time buyers with around 12% deposit.

We were accepted for an AIP, found the house we wanted and applied for the mortgage. Again, the credit check and application was succesful.

I have now received the documentation in the post to sign and to include my proof of evidence; Bank statements, wage slips etc.

I am going into the bank branch to hand this with my ID (with my partner) but I have concerns (probably nothing but I'm here re-assurance) that the underwriters for the mortgage will look at my bank statements and nit pick at transactions. I rent at the moment so it shows monthly £500 deductions (same as the mortgage) so I hope that favours. I also naïvely obtained a couple of payday loans a couple of months ago to "boost" my credit score but I have now read they may have an adverse affect. These show on the latest bank statements, fully paid bank well in time!

It's confusing as I have passed all checks (including a credit check!) and this is the last hurdle, I haven't read or heard of anyone failing at this point but I need my mind to be put rest.

Thanks for your time

Mark

Building_Surveyor

I find it bizarre when people think a payday loan is a good idea for any reason whatsoever, when there are credit cards going a plenty to those even with bad credit.

Any who, it might be picked up it might not be. I can only go off what I read off here which is that lenders do not like it. I doubt it would be declined solely on that basis but have heard heard HSBC can be picky lenders.

Unabke to offer sound advice but Would suggest you get a credit card and pay off the balance in full every month If you want to help boost your credit worthiness in future.

_Andy_

Not what you want to hear but there is literally no point in anyone here speculating about the outcome.

XboxGeek7

Thanks, appreciate that not many people would know much about it.

I suppose my main point would be whether HSBC underwriters scrutinise bank statements bearing in mind that the initial application and credit check all passed without any issues.

betmunch

I know of less picky lenders than HSBC that would decline you for having a payday loan after passing the credit score.

But like _Andy_ says no point speculating.

It would be good if you could update this thread with the outcome so next time it comes up someone might find/remember this thread

Good Luck

_Andy_

They will look at the transactions and query any if they want to.

XboxGeek7

Thanks again. I can see how a lender would think they highlight financial issues but I didn't need them, I just did them to hopefully boost a credit score (which I didn't really need to but thought more lending and paying off would look better). Naivity... Yes.

I'm still slightly optimistic due to all other checks having the go ahead!

Abu-Dina

Try to avoid PDLs going forward but what's done is done. A couple of months ago I got in touch with a mortgage adviser specialising in adverse credit mortgages who advised me that I had no chance of getting a mortgage with a high street lender if I have any PDL entries. GUess what? He was wrong so not all doom and gloom.

Wish you the best of luck!

kingstreet

Good job you didn't go to your own bank. PDLs are an automatic decline by NatWest. Nationwide aren't keen either but are not as "rabid" about it as NatWest.

Where did people get this idea that PDLs somehow help your credit "score?"