New Mortgage and Searches Done

honeypooh1980

In about 18-24 months my hubby and i are hoping to move to a bigger house.

We currently have a tiny mortgage and therefore about £70k equity in our current house (hoping to sell for £110-120k) but will be looking at moving a house around £180k.

Obviously we will need a new mortgate and are hoping to go for an interest only by securing it on my folks property which is mortgage free and worth about £500k.

However i have about £9k of credit card debt and this is the first time we will apply for a new mortgate with my name on. Our current mortgage was done in my hubbys name before we married and i was added later on.

I know they will do credit searches but will the actual details of the debt be made knowledge. My hubby doesn't know about the debt which i am working to pay off and i don't want him to know.

I've checked my credit rating and it is 996 out of 1000 and i've never been refused credit or a credit card (although most credit for the house/car is in hubby's name).

Will my debt be revealed as part of the mortgage application? Do i have to declare it?

Any help is very much appreciated.

ethank

The score means nothing. What is important is the raw data in the report.
Have you obtained your reports from all three credit reference agencies?

Wh05apk

You "should" declare it as the lenders will pick up the outstanding credit on their searches, however they will reduce the borrowing to reflect your existing credit anyway.


If you are looking to apply in 18-24 months, I would focus on repaying the cards (possibly switch to a 0% deal?) as much as possible in that time.