Credit card debt application at underwriters! Worried

Miss_confused

I have sold my house to cash buyers (if all goes well) I have found a house and had a offer approved.
I sold my house for 170 000 and the New house cost 135 000
I have 41 000 for deposit as I am taking 10 000 out of the equity to pay off my credit card and also 5000 to cover stamp duty solicitors costs etc.

I am borrowing less money with more quite in my new home, my monthly payments which I never defaulted on will be reduced by over 250 a month.

I have applied for a new mortgage with my current mortgage provider so they should know I can afford it surely!

I also have a loan given to me by them that I pay 419 a month for, so they must have thought I could afford this as well as my mortgage!

It's gone to underwriters anyone know if I am likely to be accepted or declined my key facts document has been posted and it was a direct application to Santander. So presume this means I have a AIP as I get a different answer every time I ring up !

Please help I am so stressed by this

ACG

All applications go to the underwriters (the odd minority may be fast tracked but not many).

Did you put your loan on the application?

Have they done a credit check on you? Thats what forms the AIP.

kingstreet

Santander treats credit being repaid as continuing, so your £10k credit card debt being repaid, will still form part of affordability calcs.

As you don't mention your income, other credit commitments, dependents, the mortgage term etc, the best thing you can do is use the affordability calculator to establish what the underwriter will think you can afford;-

http://www.santanderforintermediaries.co.uk/calculators/affordability.aspx

Miss_confused

I told them everything! Was very honest my credit score is excellent on experience never had a late payment etc. was told even though I intend to pay off my credit card debt it would still be taken into account.
Also I get paid extra expenses every month but as these are not on my wage slip they do not count.

Thrugelmir

Miss_confused wrote: »

I am borrowing less money with more quite in my new home, my monthly payments which I never defaulted on will be reduced by over 250 a month.

(

At current rates of interest though.

What's to stop you accumulating another £10k of credit card debt? With a new property easy to splash the cash.

Miss_confused

Just got my pack through will I couple of minor errors one saying previous mortgage was joint it was not it was single, one stating reason for moving is to a larger property it is not it is due to relocating with work.
It does state that if payments went up then I would be in a deficit of £18 a month but only if monthly payments went from £460 to £640 a month.
I would have paid off my credit card so it would not be a deficit but I understand previous comments whats to stop me running up this debt again.
Would I have a better chance of just adding the 10 000 to my equity instead and carry on paying off my credit card separately?
As this would mean borrowing 83 950 not 93 950? Would this be more likely to be approved?

Miss_confused

Sent off for approval by underwriters, do confused by conflicting information from Santander thought it had been sent them informed had to send oak back signed, person phone asked if I have waived cooling off period hence above post considering if I should pay off card separately using a 0% transfer rate deal? But now apparently I can't and errors on application information I wished to be made clear is not on application as I have only just read my application! No mention of expenses, proper reason for moving, child benefit payments if stressing I will pay of my credit card with equity!! Suppose will just have to cross my fingers now and pray!!

dotdash79

Who filled out the application form?

Miss_confused

dotdash79 wrote: »

Who filled out the application form?

One of the advisers on the phone filled it in with me on Monday took over 2 hours.
But when reading I don't feel it's accurate enough with errors.
I presume he wouldn't send it through to underwriting if it didn't meet criteria!

He then rang me to ascertain my identity asking to confirm my bank details and to confirm how I would pay the fee involved.

I got paperwork key facts and copy of application in the post today, but at same time got an email confirming it had Been sent through to the next stage.

Don't know where I stand apart from just waiting around!

dotdash79

You need to correct the application, so that it's correct and then once this is progress raised a complaint with them regarding the advisor not filling out the application corrected.